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Crude Oil price.. are we being ripped off or what ?



vegster

Sanity Clause
May 5, 2008
27,853
Just saw on the news that Crude oil is now trading at $44 a barrel down from $145 a barrel a year ago..... in my recollection Petrol has gone down from £1.36 a Litre to about £1.06 a Litre... so where has the wholesale saving gone ?
 

beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
35,239
duty, VAT, cost of refinery, profit margin stay the same.
 

Igzilla

Well-known member
Sep 27, 2012
1,639
Worthing
Current UK duty on petrol is around 58p a litre, plus 20% Vat on top of that.
 

Berty23

Well-known member
Jun 26, 2012
3,158
We pay about 70 pence tax on a litre. The petrol needs to be transported after being refined. The garage you buy it from make some cash. That all comes out of the remaining 35 pence you currently pay.
 


vegster

Sanity Clause
May 5, 2008
27,853


lawros left foot

Glory hunting since 1969
Jun 11, 2011
13,664
Worthing
The worrying thing is that when the price per barrel of crude goes up again , as it inevitably will, will the price at the pump rise at the same level, i.e. if crude rises to over $ 100 dollars a barrel, will refined petrol double in price from what it is now, or go up only as high as it was before?
 


Berty23

Well-known member
Jun 26, 2012
3,158
The worrying thing is that when the price per barrel of crude goes up again , as it inevitably will, will the price at the pump rise at the same level, i.e. if crude rises to over $ 100 dollars a barrel, will refined petrol double in price from what it is now, or go up only as high as it was before?

I would imagine as it was before because the oil price is not that much of the cost the consumer pays.
 

vegster

Sanity Clause
May 5, 2008
27,853
Yes because the duty is a fixed amount per litre, with 20% added to that, whatever the wholesale price is. So without duty/tax, cost has fallen from about 75p a litre to 35p a litre

So we are being ripped off then... recently I was in France and a quick calculation of their petrol was 78 p a litre.
 

crookie

Well-known member
Jun 14, 2013
3,303
Back in Sussex
So we are being ripped off then... recently I was in France and a quick calculation of their petrol was 78 p a litre.

£200 million a day we're borrowing aren't we. Got to collect taxes from somewhere I guess, if it wasn't from petrol, would be from something else. That NHS doesn't come cheap !!
 


vegster

Sanity Clause
May 5, 2008
27,853
£200 million a day we're borrowing aren't we. Got to collect taxes from somewhere I guess, if it wasn't from petrol, would be from something else. That NHS doesn't come cheap !!

You say " we " ? I'm not borrowing anything, I don't have a mortgage or a credit card or any loans so don't lump it all on me... I've only been to the doctor once in the last 3 years too !
 

crookie

Well-known member
Jun 14, 2013
3,303
Back in Sussex
You say " we " ? I'm not borrowing anything, I don't have a mortgage or a credit card or any loans so don't lump it all on me... I've only been to the doctor once in the last 3 years too !

Can't remember last time I went, probably been removed from the list !! Can that happen if you never go ? Genuine question
 

Berty23

Well-known member
Jun 26, 2012
3,158
Did you go to school? Do you feel in danger every time you go out or is it relatively safe?
 

vegster

Sanity Clause
May 5, 2008
27,853
Can't remember last time I went, probably been removed from the list !! Can that happen if you never go ? Genuine question

I don't think so, if you have a national insurance number you are on the system for life... how long that is depends on whether you are a, with BUPA or b, living north of Nottingham, or c, are a graduate of Eton
 


Questions

Habitual User
Oct 18, 2006
24,652
Worthing
You say " we " ? I'm not borrowing anything, I don't have a mortgage or a credit card or any loans so don't lump it all on me... I've only been to the doctor once in the last 3 years too !

Yeah but it takes money to check for chlamidia
 

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