Fuel price

[cinek]

Didnt think I will ever see the price going under £1.30

Apparently huge reserves are the main reason behind all time low price.

I wonder how long before prices shoot up again

 

[Palmball]

Not sure that price is an 'all time low'

But it's good to see it ticking down - it's been under £1.30 for a while where I live. No doubt if prices stay low, taxes will go up to compensate as the lower prices dent the governments coffers

 

[def90cars]

Not sure that price is an 'all time low'

But it's good to see it ticking down - it's been under £1.30 for a while where I live. No doubt if prices stay low, taxes will go up to compensate as the lower prices dent the governments coffers

Fuel duty is per litre (58p IIRC).... so surely revenue would go up as we all buy more fuel as it is so cheap????

 

[Meldrew2]

I'm celebrating lower fuel prices by driving everywhere in 3rd gear to use more fuel...

No, not really. But I am using lower gears at the moment - on holiday on Isle of Wight and the roads are a little narrower than I am used to.

 

[Palmball]

Fuel duty is per litre (58p IIRC).... so surely revenue would go up as we all buy more fuel as it is so cheap????

Fuel duty is fixed, but we also pay VAT on the fuel itself which declines with the lower cost base.

 

[cinek]

Not sure that price is an 'all time low'

But it's good to see it ticking down - it's been under £1.30 for a while where I live. No doubt if prices stay low, taxes will go up to compensate as the lower prices dent the governments coffers

Ok, maybe the 'all time low' is bit strong, but, few months back my local garage had it at £1.45, and I certainly didnt see prices south of £1.30 this year yet.

 

[moonloops]

Just think on, less than 20 years ago it was circa 70p a litre !

 

[def90cars]

Fuel duty is fixed, but we also pay VAT on the fuel itself which declines with the lower cost base.

Comparing the relative tax revenues: if you spend £100 (this is the constant) on fuel, when the price drops the percentage of the money going to the government as tax/duty actually increases!

Lies, damned lies and statistics....

 

[moonloops]

Just wondering if using tesco fuel save you could get 99 for under a £1 a litre ?

edit: damn - not quite, can get regular petrol @ £1.059 though

 

[MancMike]

ASDA around Manchester at least have been at or very near £1.26.7 per litre for quite a long time now.

I use Tesco though as I have their fuel save. So sometimes I get about 5p a litre off...

 

[Giantvanman]

Serious question; can anyone explain why fuel is allowed to be sold in denominations that there is no currency for? EG. If it is £1.26.7 a litre and you buy two litres, you can't pay £2:53.4 (point four pence). Do these transactions get rounded up/down? And why is that allowed?

 

[EdmundIJones]

World petrol prices have declined over the past few months. Production of Brent crude and WTI have exceeded consumption so that means there is oil literally flooding the markets which people don't want to trade on. The futures markets are seeing lower prices so after a few months the pump price decreases a little.

Tax and VAT are still the largest part of the amount paid at the pump so prices will be high from now on. Hence Autogas is so much cheaper with less tax.

The biggest reason for the recent drop in price is that strength of the pound against the USD.

 

[MancMike]

Do these transactions get rounded up/down? And why is that allowed?

Surely they're rounded to the nearest full pence. It'd average out for them and you and wouldn't matter.

One day it might round your fuel bill up from .6 pence and you pay .4 pence more than what you should, but the next day you'd get rounded down from .3 pence and get the .3 pence worth (a drop?) for "free". Over time, it'd just blur into an average. Or maybe it's always rounded in their favour, or ours, or they use something more sophisticated like banker's rounding or some other algorithm.

Petrol can be dispensed in quantities that cost less than our lowest denomination in currency, so it has to be "allowed" as there's no other way around it.

 

[C43AMG]

How much Shell nitro in France ?

 

[RWDpetrol]

Unleaded is 124.9 at Esso near me and since selling the C63 I'm using standard 95 RON.

(It was 43.5 when I passed my test in 1993)

 

[KillerHERTZ]

Still 1.29 here in Cambridge for normal unleaded. We have more expensive fuel than London for some stupid reason.

 

[wemorgan]

A few years ago I predicting £2 by ~ 5 years time. Nice to be wrong so far.

 

[st13phil]

How much Shell nitro in France ?

The French have a really useful government-run website that lists the Prix des Carburants throughout the country.

In my experience, once off the Autoroutes Shell service stations are pretty rare in France. The only examples I could readily find were on Autoroutes - where you always get stiffed on fuel prices - and both were €1.714 / litre which is equivalent to 136.2 pence per litre at today's exchange rate. Personally, I'd be more inclined to fill up with SP98 at any of the supermarkets which seems to be around €1.52 / litre at the moment (120.8 pence / litre at today's rates).

 

[219]

Just looked up on my Petrol Prices Pro app that I keep on my iPhone , and it would seem that most Asda in the Glasgow area are charging £1.24.7 , with Morrissons close behind at £1.24.9

With a difference of 14p/L between the cheapest and most expensive outlets today , I find that using the app to quickly check for the cheapest fuel locally can save a bit of money ( potentially £14 if you were to fill a 100L tank ) .

 

[Palmball]

Comparing the relative tax revenues: if you spend £100 (this is the constant) on fuel, when the price drops the percentage of the money going to the government as tax/duty actually increases!

Lies, damned lies and statistics....

Yes, HMRC's percentage goes up but unless consumption increases (and there's indications that this is also decreasing), tax revenue's will be down.

Regardless of their income though, if prices go down and the public pressure comes off the government, they will increase the tax.

Still 1.29 here in Cambridge for normal unleaded. We have more expensive fuel than London for some stupid reason.

It's because you have more disposable income

......or theres more competition in London.