Dnk Posted November 4, 2016 Share Posted November 4, 2016 Why has petrol gone up 17p per litre since January ? Quote Link to comment Share on other sites More sharing options...
ibby Posted November 4, 2016 Share Posted November 4, 2016 Brit exit.. Quote Link to comment Share on other sites More sharing options...
ibby Posted November 4, 2016 Share Posted November 4, 2016 Everything will get expensive. Quote Link to comment Share on other sites More sharing options...
stevie_b Posted November 4, 2016 Share Posted November 4, 2016 Probably weakness of the pound. Most oil markets (e.g. Brent Crude) quote their prices in USD, so when the pound falls against the dollar, you need to spend more pounds to buy each litre of oil -- ergo each litre of petrol costs more. The size of oil inventories (stores) can make a difference, but I haven't been following that so I don't know if that's another cause. Quote Link to comment Share on other sites More sharing options...
hogmaw Posted November 4, 2016 Share Posted November 4, 2016 Because you voted brexit There's worse to come Quote Link to comment Share on other sites More sharing options...
Dnk Posted November 4, 2016 Author Share Posted November 4, 2016 Probably weakness of the pound. Most oil markets (e.g. Brent Crude) quote their prices in USD, so when the pound falls against the dollar, you need to spend more pounds to buy each litre of oil -- ergo each litre of petrol costs more. The size of oil inventories (stores) can make a difference, but I haven't been following that so I don't know if that's another cause. I thought oil prices were at all time lows at the moment hence my question Just seems like we're being raped as usual. Since January this year we've had a rise of over 70p per gallon and just seem to accept it Quote Link to comment Share on other sites More sharing options...
stevie_b Posted November 4, 2016 Share Posted November 4, 2016 I thought oil prices were at all time lows at the moment hence my question Oil prices in USD are very low. The currency bit is crucial here. When the value of the pound goes down, it gets expensive to import things into the UK. Whether the oil came from the North Sea or Russia or wherever, doesn't really matter. The prices are quoted in USD on the wholesale market, so when the first person in the supply chain pays in GBP, they end up paying quite a bit more (10-20% more?) than they did before the Brexit referendum. They pass those costs on to the consumer, i.e. us. Quote Link to comment Share on other sites More sharing options...
j_jza80 Posted November 4, 2016 Share Posted November 4, 2016 The weakness of the pound, and the fact that the petrol companies haven't been passing on the price reduction on crude oil. Quote Link to comment Share on other sites More sharing options...
Dnk Posted November 4, 2016 Author Share Posted November 4, 2016 The change in £ to the $ since January is 12.5% the petrol price hike is 17%, basically as usual we're being screwed Quote Link to comment Share on other sites More sharing options...
Annabella Posted November 4, 2016 Share Posted November 4, 2016 Yep never changes that one Quote Link to comment Share on other sites More sharing options...
Bobbeh Posted November 4, 2016 Share Posted November 4, 2016 Oil is traded in $ - our £ is sucking against the $ so we end up paying more. When the £ was doing much better we saw some improvements but the benefit is never passed on as much as the additional costs when it isn't doing well. Petrol companies/garages always say they have to plan for 6 months purchase at a time etc.. so that's why they don't always pass on savings... i think its a swizz. Quote Link to comment Share on other sites More sharing options...
j_jza80 Posted November 4, 2016 Share Posted November 4, 2016 It's funny how the prices take y months to implement when they're coming down, but the second the oil price goes up the petrol goes with it. Quote Link to comment Share on other sites More sharing options...
Dnk Posted November 4, 2016 Author Share Posted November 4, 2016 We're just being screwed as usual, simplez Quote Link to comment Share on other sites More sharing options...
Bobbeh Posted November 4, 2016 Share Posted November 4, 2016 Just wait, the oil prices are still relatively low, so when they peak again, with our fuel tax and the weak £, then you'll soon know the definition of being screwed! £1.50 a litre anyone! Quote Link to comment Share on other sites More sharing options...
Dnk Posted November 4, 2016 Author Share Posted November 4, 2016 Just wait, the oil prices are still relatively low, so when they peak again, with our fuel tax and the weak £, then you'll soon know the definition of being screwed! £1.50 a litre anyone! Yes that's quite worrying Quote Link to comment Share on other sites More sharing options...
CorruptSapphire Posted November 4, 2016 Share Posted November 4, 2016 Just wait, the oil prices are still relatively low, so when they peak again, with our fuel tax and the weak £, then you'll soon know the definition of being screwed! £1.50 a litre anyone! Yeah it is not a million miles away from that now. Just filled up at Shell on vPower at £1.259 per litre. Let's hope it doesn't get any worse Quote Link to comment Share on other sites More sharing options...
j_jza80 Posted November 4, 2016 Share Posted November 4, 2016 Just wait, the oil prices are still relatively low, so when they peak again, with our fuel tax and the weak £, then you'll soon know the definition of being screwed! £1.50 a litre anyone! The oil prices won't go that way for a very long time now, theres too much competition from shale sources. Quote Link to comment Share on other sites More sharing options...
Bobbeh Posted November 4, 2016 Share Posted November 4, 2016 Fingers crossed eh Quote Link to comment Share on other sites More sharing options...
Dnk Posted November 4, 2016 Author Share Posted November 4, 2016 I just looked on petrolprices.com and the highest price near me is £1.33 for 95 ron Quote Link to comment Share on other sites More sharing options...
Style Posted November 4, 2016 Share Posted November 4, 2016 The oil prices won't go that way for a very long time now, theres too much competition from shale sources. I'd say there's easily another year of this slump in the industry to go. I work in the Pre-Commissioning phase of Oil & Gas and we tend to lag a year or two behind what's actually happening in real time. We've never been quieter than we are now Quote Link to comment Share on other sites More sharing options...
ibby Posted November 4, 2016 Share Posted November 4, 2016 Engery costs, electric and gas will also go up Quote Link to comment Share on other sites More sharing options...
Bobbeh Posted November 4, 2016 Share Posted November 4, 2016 Dont forget anything else that's made and transported using fuel. Quote Link to comment Share on other sites More sharing options...
sebas Posted November 4, 2016 Share Posted November 4, 2016 Yeah it is not a million miles away from that now. Just filled up at Shell on vPower at £1.259 per litre. Let's hope it doesn't get any worse /QUOTE] Petrol is expensive everywhere in Europe now, I fueled my Supra yesterday in Germany with Shell Vpover and it was 1,69 euro per liter. I paid 90,01 Euro for 52,98l. of that fuel. When I checked my bank statement it was £83.70 Quote Link to comment Share on other sites More sharing options...
Spunkmeyer Posted November 4, 2016 Share Posted November 4, 2016 I need to look at why I have 3 cars with >2.5ltr engines on the drive. Doh! Quote Link to comment Share on other sites More sharing options...
formatzero Posted November 4, 2016 Share Posted November 4, 2016 Although affected by the pound fall in value, oil prices had been starting to recover slowly.Be interesting to see if the value of the pound were to rise how quickly fuel prices would come down ! Quote Link to comment Share on other sites More sharing options...
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