Petrol prices

[Saddleworth2]

Boris needs to do something about the fuel levy and do something pretty damn quick as the economy is now running on empty as we aimlessly spiral toward recession. Cant he substitute the loss of tax from elsewhere?

You know my views on him and his government. It’s a long hard road back to where we should be. It has to start with making friends with our neighbours and inviting some of them back over to do the jobs we don’t want to do. So no chance of that in the next year or so I’m afraid. In the meantime, what does he do? Print even more money?

Anyhow, we are down to Center Parcs with the grandkids in a few days. Let’s see if I can average 50mpg

I have a hook and chain to attach me to one of these artics.

Take care mate.

 

[hammocity]

I’m no expert but printing more money is quantitative easing which always leads to a recession or inflation. I’m proper worried for our younger generation, their aspirations seem to equate to survival, they should have the joy of life, not a struggle to survive, it saddens me so much.

 

[Corky]

I don’t know the exact figure but I do know it’s applied as a % so every time the base rises they colllect more tax. that could be fixed easily.

It is VAT and Duty but the only the VAT is an ad valorem tax, duty is a specific tax and remains the same.

Duty is currently £0.5295 per litre of Petrol/Diesel, VAT is 20% so if it is £1.88 per litre, total taxes would be 84.3p, where as if it was £1 a litre taxes would be 69.6p.

 

[Dax777]

This argument "why do people bother with cars" is normally made by people who live in cities.

I live in a small village, bus one an hour, train station ( next village not the main station )around hour and a half walk along dangerous unlit lanes.

Getting to work by public transport is a non starter. I could cycle and get to work all hot and sweaty. Would mean leaving home earlier and getting home later.

As for going to watch City for get it theres no way I could get to Manchester and back in one day.

If I could get back to ramsgate they would be no buses to the village. It would be about 7 mile walk along unlit lanes.

For some people a car is a necessity for some it isn't

This sounds like an amazing life. I can't wait till I can be far away from any major City.

 

[idahoblues]

I’m no expert but printing more money is quantitative easing which always leads to a recession or inflation. I’m proper worried for our younger generation, their aspirations seem to equate to survival, they should have the joy of life, not a struggle to survive, it saddens me so much.

Sounds like my youth in England during the 70’s

 

[Mazzarelli's Swiss Cheese]

When did we actually last have a boom or good times economically? I'm guessing maybe 1999/2000-2003/4? Maybe not that long as 9/11 kicked things in the bollocks, but I do remember enjoying a strong £ when traveling around then and my house doubling in price. I also think we had rampant inflation around 2007-8 but the govt at the time kept changing the way they calculated it so it went under the radar a bit.

 

[dickie davies]

When did we actually last have a boom or good times economically? I'm guessing maybe 1999/2000-2003/4? Maybe not that long as 9/11 kicked things in the bollocks, but I do remember enjoying a strong £ when traveling around then and my house doubling in price. I also think we had rampant inflation around 2007-8 but the govt at the time kept changing the way they calculated it so it went under the radar a bit.

Blair and Brown rode on the back of a huge surge in the global economy, driven mainly by China
Do you remember Brown’s famous line at a Labour Party conference “no return to boom and bust”!
And as the money rolled into the government coffers, these two blew it all and didn’t save any for the inevitable downward turn

 

[metalblue]

Below are the historic data of oil prices for the last 5 years.

View attachment 48025

These figures are accurate and can be checked against market trends.
This clashes sharply with the price at the pumps

View attachment 48024
When early in 2022 with the fuel shortage caused by panic buying, the Tories allegedly removed it from the monopolies list. Allowing the gasoline producers to set their own price.
With this government you get what its says on the tin.

A few things. Firstly that’s the WTI price I believe, we use Brent as our benchmark for inputs. It’s a bit more expensive by a few bucks a barrel.

What you want to look at is the RBOB Brent crack spread - that effectively shows you refining costs. That’s gone up over 100% since before the invasion. Marginal profits for fuel companies has gone up from 8.5p per litre to 14.5p but their costs have gone up as well (getting fuel to garage, power for garage etc). On top of that we’ve changed the mix of petrol to include 5% more ethanol which is a bit dearer than petrol. UK VAT has increased from 20.5p a litre to 29p but they’ve also shaved off 5p so based on averages is probably net for the UK treasury. Fuel duty is static so price moves are irrelevant.

Petrol wasn’t removed from any list. The competition authority would also step in if their was any collusion.

As @Kompany Car says the reality is the western world lacks refining capacity and that is the problem here - fuck all to do with Tories it’s just we just all got used to stable supply lines coming in from cheaper refineries elsewhere on planet earth. Similar to gas prices, about 20 years ago it used to be pegged to the price of oil - however the EU liberalised the market and allowed companies to just buy directly on the spot market to fulfill their obligations (and could hedge longer term with futures contracts), the reasoning behind this was fairly sound when measured against what information was available. To prove this it is estimated to saved EU consumers around $70bn (this includes UK consumers) however to show the folly of the assumptions of the time… since the world came out of lockdown etc it’ll have costs EU consumers (again including the UK even though not part of it) around ~$80bn by end of this year if not before. Who would have predicted COVID and particularly Russian aggression 20 years ago? Again we all got complacent to cheap and stable supply chains.

 

[Two Gun Bob]

Dearest I saw at service stations on M6 yesterday was £1.99 diesel and £1.97 petrol.

Be over 2 pound in a few weeks time.

There appears to be a great disparity at the moment between petrol prices and diesel.

I use the services of petrolprices.com for cosings in my local hood, but could not get on the bandwagon for less than £1.83. Surely it cannot cost 24p a litre extra to process the derv? No wonder my shoppings going through the roof!

 

[N1985]

There appears to be a great disparity at the moment between petrol prices and diesel prices.

I use the services of petrolprices.com for cosings in my local hood, but could not get on the bandwagon for less than £1.83. Surely it cannot cost 24p a litre extra to process the derv? No wonder my shoppings going through the roof!

It's an absolite piss take.

£1.91 litre diesel
£1.63 litre petrol

Somebody is taking the piss right there.