Petrol/ Prices

  Input Overload 16:16 28 Jul 2009

If the oil price now is around $60-$70 why am I paying £1.04 per litre of unleaded when I was paying less per litre last July when oil was $147? (Half price per barrel now).

Poor BP seeing its profits dwindle, I'm thinking of sending cash to help keep the oil companies from bankruptcy. The French by now would have blocked all motorways etc. I'm beginning to wonder if they have sense while we sit on our bums & pay up.

click here

  birdface 16:59 28 Jul 2009

Asda's 99p for pays to shop around for the cheapest prices.

I find most garages will charge about the same price.Probably overcharge.You get a large supermarket drop their prices and all the garages will do the same. No Supermarkets near you they will charge what they want.BP has always been the most exspensive.

  user8 17:28 28 Jul 2009

London prices are as high as £1.06.9 for unleaded.
But in Leatherhead, Surrey as cheap as £1.

  Input Overload 18:14 28 Jul 2009

fourm member I wasn't paying anything like 118-120 a litre, I don't know where you live but the cheapest garage around here is Esso at Tesco, I've never paid above £110. As it is I will be buying most of my petrol (Gas) in Florida at around $2.50 per American gallon. I think the profits the oil companies made last year were obscene, you keep paying up, you must have shares in oil?
The cost per litre in late April in the the UK was still 98 pence per litre, yet the pound was worth around £1.31 against the $, I know that as I was in the USA eastern seaboard at the time, do the math on that.

  Input Overload 18:16 28 Jul 2009

Ooooopps thats £1.10 per litre. not £110 per litre, although it might come to that.

  GANDALF <|:-)> 18:26 28 Jul 2009

Petrol provides little, if any, of the oil company's profits. You need to take a look at how much it is taxed before spouting off on the net. You also need to research the relationship between gross turnover and net profits which is junior grade economics. You also need to spend your Google Dollars and check out how much an oil rig costs to run and how much is spent on exploration. You may be surprised.

I could suggest that you buy an electric or Gas powered car or emigrate to The States if the profits of companies worry you.

  Colin 18:56 28 Jul 2009

We don't do the math in the UK, or even the maths. We work it out. Going off topic, but people using phrases from abroad, usually American, really annoys me.

  Forum Editor 18:58 28 Jul 2009

last year were obscene"

Must rank as one of the more naive statements of the week. Have you any idea of the huge sums involved in running an oil exploration operation, quite apart from the eye-watering cost of building and maintaining off-shore platforms? Making a big profit is one thing, sustaining it in the face of an uncertain economic climate is another thing altogether, so good years have to finance leaner ones. Petrol sales isn't where oil companies make the real money, as GANDALF <|:-)> has said, and in any case there is a falling demand at the moment.

Exploration, production and refining costs in the oil industry have doubled in the past four years, and the price of oil has collapsed - the barrel cost is less than half what it was a year ago. That means the shareholders will expect the big oil companies to come up with some answers, and the one that must be keeping the accountants awake right now is how to reduce costs without increasing risk.

Energy consumption in many developed countries is falling as they try to cope with the economic downturn, and that's bad news for oil producers. Even worse news is that there's little sign of a market recovery, and I bet there are some tense meetings taking place in oil company headquarters all over the world.

Dwindling profits may not concern you, but they should - a buoyant oil industry is one sign of a growing economy.

  Bingalau 19:11 28 Jul 2009

Why are they so quick to put the price up then, when their excuse is the rising price of oil? Surely the old saying comes in here "What is good for the goose etc.... " They are quick to step the price up but very slow in stepping it down again if ever.

  spuds 19:54 28 Jul 2009

I think Asda needs a rather big pat on the back for their recent statement about vehicle fuel increases, and "no need for that". Prices around our way started to go up a couple of weeks ago, and Asda kept their prices down. Now it would appear that everyone as reduced their prices to Asda level, at less than at £1 a litre.

One particular local garage was charging £1.05, but as now managed to compete with Asda price.

  GANDALF <|:-)> 20:14 28 Jul 2009

'I think Asda needs a rather big pat on the back for their recent statement about vehicle fuel increases.,,errr, don't think so. Asda have no need to make a profit from petrol retailing as they can be assured of people grazing in their food aisles...garages need the profit from petrol.


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