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[Banjax]

how come the price of a barrel of oil is $25 less now than it was in 2008 yet the fuel at the pumps is nearly double? 

[Debs.]

  Bend over and take it like a......


.....well, erm: everyone, actually!

[Banjax]

Bend over and take it like a......


.....well, erm: everyone, actually!

yep over £100 to fill a rather 406 is a joke 

[Del Boy]

Because the Conservatives want to shaft us of every penny we scrimp and save for. When your getting 40 miles from £10 worth of fuel in a MINI, you know there's something not right 

[Marks DTM Calib]

You muppets......think, exchange rates!

[Banjax]

You muppets......think, exchange rates!

but this is oil bought and sold in dollars - exchange rates dont come into it 

[Dishevelled Den]

Bend over and take it like a......


.....well, erm: everyone, actually!

In this case the term often used by old 'Salts' - 'whose turn is it for the barrel?' - would seem to be quite appropriate. [smiley=laugh.gif]

[media]http://www.youtube.com/watch?v=XQpqpy1FPuY&feature=related[/media]

[Marks DTM Calib]

Of course they do, we pay in pounds.

Its simple maths

If we pay say 130p per litre

We know that there is 20% VAT on that which is 21.6p

Then there is 57.95p per litre in duty

The retailer adds say 2p

Thats gives a base cost of 48.4p per litre for extraction, refining and transport. (81.6p of the total being tax)

Now, you may see a difference of 25 dollars on a barrel but (brent crude being 124$), this is 16% less but, the exchange rate is (it was about 0.68 dollars to the pound in 2008) about 0.6 which is a 13% change in the opposite direction hence the drop in oil price has been offset by a change in exchange rates.

Then add on the duty rises which were

2007 - 50.35p
2009 - 56.19p
2011 - 58.95p
Now - 57.95p

Plus your vat and hence the prices

 

[Banjax]

Of course they do, we pay in pounds.

Its simple maths

If we pay say 130p per litre

We know that there is 20% VAT on that which is 21.6p

Then there is 57.95p per litre in duty

The retailer adds say 2p

Thats gives a base cost of 48.4p per litre for extraction, refining and transport. (81.6p of the total being tax)

Now, you may see a difference of 25 dollars on a barrel but (brent crude being 124$), this is 16% less but, the exchange rate is (it was about 0.68 dollars to the pound in 2008) about 0.6 which is a 13% change in the opposite direction hence the drop in oil price has been offset by a change in exchange rates.

Then add on the duty rises which were

2007 - 50.35p
2009 - 56.19p
2011 - 58.95p
Now - 57.95p

Plus your vat and hence the prices

 

yeah, well, when you put it like that it makes sense 

[Marks DTM Calib]

I seem to recall that the cheap times were 2007 mainly to.

From 2008 we were paying on average 110-120 per litre (although it did dip down for a short period)

[Dishevelled Den]

I seem to recall that the cheap times were 2007 mainly to.

From 2008 we were paying on average 110-120 per litre (although it did dip down for a short period)

I would like to go back to the time when a 'pound's worth' meant something.

[PhilRich]

Bend over and take it like a......


.....well, erm: everyone, actually!

In this case the term often used by old 'Salts' - 'whose turn is it for the barrel?' - would seem to be quite appropriate. [smiley=laugh.gif]

[media]http://www.youtube.com/watch?v=XQpqpy1FPuY&feature=related[/media]

That's a comprehensive music collection you must have there Den!

[cleggy]

When people contribute to my petrol costs they still think it's 4 gallons for a quid

[Psychoca]

Because the Conservatives want to shaft us of every penny we scrimp and save for. When your getting 40 miles from £10 worth of fuel in a MINI, you know there's something not right 

But since the Tories/Libs took power, they have only increased the fuel duty by 3.5 pence (2.5p VAT and 1p legacy from final Labour budget)...  The Labour party reintroduced the fuel duty escalator and turned it up to high...

I firmly beleive it is time for more proper fuel protests and Panic buying...  £1.40ish / litre is stupid and will at some point bring the country to a stop...

[Mysteryman]

I seem to recall that the cheap times were 2007 mainly to.

From 2008 we were paying on average 110-120 per litre (although it did dip down for a short period)

I would like to go back to the time when a 'pound's worth' meant something.

Yes Den. 'You don't get many of them in a pound' rings a bell.