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The mkiv Supra Owners Club

Fuel prices


Dnk

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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.

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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

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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.

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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.

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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 :(

 

 

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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.

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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

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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

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