Petrol Prices

[Trueblood]

I see that with the oil at $91 a barrel[unless its gone up further],the petrol on the Isle of Man has gone up again by another penny a litre,that's 2 pence in 3 days,there's no end to their talents and greed,it has topped the big rise of 2008 of £1.23.9 when oil was $147 a barrel to £1.24.9/1.25.9,mind you its all more money for government in taxes,they are going to need it to pay the new chief secretarys wage rise,and of course their own if they give the civil servants a rise,as they are connected.

I thought the government said via Tony and Allan that we all were one family together and had to tighten our belts as times were hard,also there were going to be cuts to salaries and jobs,[Not their own of course] but everybody else except top people.

Ah so now you are blaming out government for putting the price per barrel of oil up and also implying that the petrol stations shoul keep the price as it is and make a loss. Good thinking there.

 

I think he's pointing out that the price of petrol is currently higher with oil at $91 than it was in 2008 when oil was over $140 a barrel (and was certainly above the current price for several months). Part of the difference is obviously tax increases but that doesn't explain the disparity completely. I suspect the Govt and Petrol cos are making a lot of money at our expense.

[triskelion]

Well duh

[Trueblood]

Petrol Prices Reach Record High

 

http://www.bbc.co.uk/news/business-11968437

[Non-Believer]

Petrol Prices Reach Record High

 

http://www.bbc.co.uk/news/business-11968437

 

Their survey remit obviously doesn't include the IoM yet, then.......

[BigDave]

Petrol Prices Reach Record High

 

http://www.bbc.co.uk/news/business-11968437

 

Their survey remit obviously doesn't include the IoM yet, then.......

Not that the IOM data would make much difference to the average they quote in the article. The highlands and islands of Scotland are presumably covered in that average and they are usually the same price or more expensive than here.

[gazza]

I see that with the oil at $91 a barrel[unless its gone up further],the petrol on the Isle of Man has gone up again by another penny a litre,that's 2 pence in 3 days,there's no end to their talents and greed,it has topped the big rise of 2008 of £1.23.9 when oil was $147 a barrel to £1.24.9/1.25.9,mind you its all more money for government in taxes,they are going to need it to pay the new chief secretarys wage rise,and of course their own if they give the civil servants a rise,as they are connected.

I thought the government said via Tony and Allan that we all were one family together and had to tighten our belts as times were hard,also there were going to be cuts to salaries and jobs,[Not their own of course] but everybody else except top people.

Ah so now you are blaming out government for putting the price per barrel of oil up and also implying that the petrol stations shoul keep the price as it is and make a loss. Good thinking there.

 

I think he's pointing out that the price of petrol is currently higher with oil at $91 than it was in 2008 when oil was over $140 a barrel (and was certainly above the current price for several months). Part of the difference is obviously tax increases but that doesn't explain the disparity completely. I suspect the Govt and Petrol cos are making a lot of money at our expense.

 

to get a true picture you would have to have the exchange rate for the same period and see what it was then and now,

 

only then could you say that that it was the companys taking the piss.

 

dont forget the 2 odd ppl in jan to come when the vat gos up

[manshimajin]

Did a little exercise:

 

• Litres per barrel - 159 litres
  
• Cost per barrel - US$91
  
• Cost per barrel - UK£55.87 (at current exchabge rate)
  
• Cost per litre - UK£0.351
  

 

So:

• Base cost per litre - 0.351
  
• Excise Duty - 0.5819
  
• VAT - 0.163
  
• Cost without margins - £1.0966 (109.66 ppl)
  

 

The costs of refining, delivery and dealer mark up has to be added to this (plus the VAT). It would appear that the cost of refining is about 4p, marketing and delivery (mainland UK) 1p and dealer margin 5p - which would add about 10p to the total - 119 ppl.

 

The OFT said in the past that because of delivery to the Island and smaller market size a reasonable price differential would be 4 pence per litre above UK average price. The UK average is at present 121.76 ppl

 

BTW don't forget that it is not only VAT that is going up at 1 January but also excise duty to £0.5895 which with the VAT on it comes to 0.91 pence so it will be another 1p on top of the other increases.

[gazza]

Did a little exercise:

 

• Litres per barrel - 159 litres
  
• Cost per barrel - US$91
  
• Cost per barrel - UK£55.87 (at current exchabge rate)
  
• Cost per litre - UK£0.351
  

 

So:

• Base cost per litre - 0.351
  
• Excise Duty - 0.5819
  
• VAT - 0.163
  
• Cost without margins - £1.0966 (109.66 ppl)
  

 

 

 

any chance of finding the figures for when it was $140 a barrel

[Fred]

A nice little exercise,but how many litres of petrol do you get from a barrel of crude oil?

[gazza]

U.S. refineries produce between 19 and 21 gallons of motor gasoline from one barrel (42 gallons) of crude oil. The remainder of the barrel yields distillate and residual fuel oils, jet fuel, and many other products. Refinery yields of individual products vary from month to month as refiners focus operations to meet demand for different products and maximize profits.

 

but the fixed cost should still be the same as the rest is not waste, but can see your point

[EORH]

I see that with the oil at $91 a barrel[unless its gone up further],the petrol on the Isle of Man has gone up again by another penny a litre,that's 2 pence in 3 days,there's no end to their talents and greed,it has topped the big rise of 2008 of £1.23.9 when oil was $147 a barrel to £1.24.9/1.25.9,mind you its all more money for government in taxes,they are going to need it to pay the new chief secretarys wage rise,and of course their own if they give the civil servants a rise,as they are connected.

I thought the government said via Tony and Allan that we all were one family together and had to tighten our belts as times were hard,also there were going to be cuts to salaries and jobs,[Not their own of course] but everybody else except top people.

Ah so now you are blaming out government for putting the price per barrel of oil up and also implying that the petrol stations shoul keep the price as it is and make a loss. Good thinking there.

 

I think he's pointing out that the price of petrol is currently higher with oil at $91 than it was in 2008 when oil was over $140 a barrel (and was certainly above the current price for several months). Part of the difference is obviously tax increases but that doesn't explain the disparity completely. I suspect the Govt and Petrol cos are making a lot of money at our expense.

 

to get a true picture you would have to have the exchange rate for the same period and see what it was then and now,

 

only then could you say that that it was the companys taking the piss.

 

dont forget the 2 odd ppl in jan to come when the vat gos up

Yes I was pointing out the difference between 2008 and now,but I was not saying the government has put up the prices,its the oil companies and their retailers,[i don't think they will go out of business,they are always ahead of the game]the point of the rise in January of the VAT,don't forget in April there is the fuel esculator to add on as well,which will add further VAT to that.

I'm sure the English newspapers will have some sort of list giving the exchange rate for the period 2008 when the oil/fuel rose so fast,but let us not forget that when the price of crude drops quickly,the price of petrol/diesel takes time to work through,or so the oil companies say,so its months before there is a drop,in the mean time they are hoping for the price to rise again.

[Trueblood]

I see that with the oil at $91 a barrel[unless its gone up further],the petrol on the Isle of Man has gone up again by another penny a litre,that's 2 pence in 3 days,there's no end to their talents and greed,it has topped the big rise of 2008 of £1.23.9 when oil was $147 a barrel to £1.24.9/1.25.9,mind you its all more money for government in taxes,they are going to need it to pay the new chief secretarys wage rise,and of course their own if they give the civil servants a rise,as they are connected.

I thought the government said via Tony and Allan that we all were one family together and had to tighten our belts as times were hard,also there were going to be cuts to salaries and jobs,[Not their own of course] but everybody else except top people.

Ah so now you are blaming out government for putting the price per barrel of oil up and also implying that the petrol stations shoul keep the price as it is and make a loss. Good thinking there.

 

I think he's pointing out that the price of petrol is currently higher with oil at $91 than it was in 2008 when oil was over $140 a barrel (and was certainly above the current price for several months). Part of the difference is obviously tax increases but that doesn't explain the disparity completely. I suspect the Govt and Petrol cos are making a lot of money at our expense.

 

to get a true picture you would have to have the exchange rate for the same period and see what it was then and now,

 

only then could you say that that it was the companys taking the piss.

 

dont forget the 2 odd ppl in jan to come when the vat gos up

Yes I was pointing out the difference between 2008 and now,but I was not saying the government has put up the prices,its the oil companies and their retailers,[i don't think they will go out of business,they are always ahead of the game]the point of the rise in January of the VAT,don't forget in April there is the fuel esculator to add on as well,which will add further VAT to that.

I'm sure the English newspapers will have some sort of list giving the exchange rate for the period 2008 when the oil/fuel rose so fast,but let us not forget that when the price of crude drops quickly,the price of petrol/diesel takes time to work through,or so the oil companies say,so its months before there is a drop,in the mean time they are hoping for the price to rise again.

 

At 30 June 2008 the exchange $1.99 to the pound, it currently $1.58. So obviously that make a significant difference when comparing the price of oil to the UK market.

 

Source of rates - oanda.com

[Matt Bawden]

What I don't understand is that the gulf between petrol and diesel is increasing all the time, out a year ago it was the same price and now it's 6p per litre more expensive for diesel over petrol after a steady increase over that period, why is this, why isn't there a constant differential between petrol and diesel.

[manshimajin]

At 30 June 2008 the exchange $1.99 to the pound, it currently $1.58. So obviously that make a significant difference when comparing the price of oil to the UK market.

For interest just did that calc using the 30/06/08 exchange rate. The outworking (with all the caveats) is that based on current oil prices the price for a litre would be about 102 pence plus those refining, delivery and marketing costs - so assuming the same 10ppl is a reasonable ballpark figure the cost would be about 112 pence compared with 119 pence. The exchange rate influences the cost of the oil but of course the excise duty is a fixed amount whatever the exchange rate is.

 

The price at $US 140 per barrel at current exchange rates would be about 142 pence per litre including the 10ppl above.

[gazza]

What I don't understand is that the gulf between petrol and diesel is increasing all the time, out a year ago it was the same price and now it's 6p per litre more expensive for diesel over petrol after a steady increase over that period, why is this, why isn't there a constant differential between petrol and diesel.

 

quite simple.

supply and demand.

 

more diesel being used than petrol,