Jump to content
The mkiv Supra Owners Club

Oil prices...


Gaz Walker

Recommended Posts

  • Replies 55
  • Created
  • Last Reply

Top Posters In This Topic

When oil hit $147/barrel the exchange rate was $1.99 to the pound. So a barrel cost £73.87

 

Today's oil price is $80/barrel and the exchange rate is $1.71 to the pound. So a barrel costs £46.78 - a drop of £27/barrel.

 

You get 159 litres in a barrel, meaning that's a drop of 16.9p/litre.

 

I've already seen drops of up to 9p/litre in some locations, so we're on the way there.

Link to comment
Share on other sites

Only because the tax is a % of the price.

Not quite.

Fuel duty is not a percentage (I think it's about 54p/litre on unleaded at the moment, or maybe 51, is normal unleaded "ultra low sulphur?).

VAT is 17.5% of the cost + the duty.

 

So if petrol is £1/litre

the cost of the petrol is about 31p

duty is about 54p

VAT is about 15p

 

Fuel Duty is the big one.

Link to comment
Share on other sites

They'll never drop the tax on fuel as they need to make soooo much more money now to pay for the bank bail outs and they're getting virtually nothing from stamp duty 'cos house sales have plumetted.

 

Taxes probably wont got up in the next year (as there's an election coming up) but they sure as hell will after that!

 

Hopefully the fuel price will follow the downward trend in oil price significantly in this next year so that the inevitable rise in duty wont have so much relative effect.

Link to comment
Share on other sites

I paid 102.9 yesterday at my local esso (who stay in line with tescos, asda etc). I was quite pleased until I remembered a year ago it was less than that :(

Link to comment
Share on other sites

down to less then $68 a barrel now. Id love to know how much petrol was at the last time oil was at $68 a barrel!

 

Indeed that's what I'd like to know.

 

I think it used to be in the 60's when we were *happily* paying 90p a litre for Optimax...

 

Found this... http://www.whatprice.co.uk/petrol-prices/petrol-oil.html

 

Basically $70 a barrel = 90-95p a litre for UL at the pumps.

Link to comment
Share on other sites

  • 2 weeks later...
  • 1 month later...
so the price of a barrel is now at $34.85, we do have to remember pound was worth $2 but now only about $1.4 but surely petrol should drop some more yet!

 

34.25 now - we should be getting a much reduced price at the pump now really - the price has came down nearly 80% for crude oil yet the £/$ has still only dropped 25%.

 

Something wrong there...

 

Gaz.

Link to comment
Share on other sites

Not read the whole thread but just as a little fyi.....on balance the crude oil coming out of the north sea is costing about $35 per barrel to extract by the time it reaches land.

 

Let's hope the oil price does not drop too low or there could be some serious implications to employment in this area of the world.

Link to comment
Share on other sites

Not read the whole thread but just as a little fyi.....on balance the crude oil coming out of the north sea is costing about $35 per barrel to extract by the time it reaches land.

 

Let's hope the oil price does not drop too low or there could be some serious implications to employment in this area of the world.

 

Dan, do you work for one of the Oil companies or the service companies? PM me as I recall we chucked some PM's about once upon a time about it all...I've made my move ;)

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue. You might also be interested in our Guidelines, Privacy Policy and Terms of Use.