Are petrol prices actually reducing in line with falling oil prices?

I hear on the news this morning that petrol prices 'could' be as low as £1 a litre in the very near future.

The price of wholesale oil has been steadily plummeting for months now, however I don't see this reflected at the pumps. Or at least nothing significant. We're all very well used to the fact that as soon as there's a 'hint' of oil prices rising this hits the pumps by the very next day, and conversely, it takes forever when the price falls.

Isn't it about time someone got a kick up the proverbial and forced to reduce the prices now for us motorists?

Then we can just wait for the government to wallop us with extra taxation on it...In one hand and out with the other...

http://www.bbc.co.uk/news/business-30379956

Private businesses, they aren't obliged to pass on savings.

On the other hand, the monopolies commission should be investigating the petrol producers for price fixing and collusion.

It's dropped quite a lot recently and is currently at Dec 2010 prices.

https://www.gov.uk/government/statistical-data-sets/oil-and-petroleum-products-weekly-statistics

jb

ETA: It looks like oil was more expensive back then too..

http://www.macrotrends.net/1369/crude-oil-price-history-chart

It's dropped quite a lot recently and is currently at Dec 2010 prices.

 

jb

That's my point...But I don't see it dropping at the pump....

Yes you're right Cyclone....the matter should be looked into...But we all know how long these 'investigations' take....Sigh

at morrisons its 118.9 for unleaded, prob could drop another 4p, however of that 118.9 remember this goverment takes about 75p in tax and vat, so next time a cyclist tells u he pays more tax than you, you can correct his errors lol

This is what happens when the private sector controls a public commodity. Profit always comes first.

It's happening in Ireland at the moment with their water (of all things!?).

They're asking the public to pay a water tax, on top of their normal taxation, which should already cover the water they use.

The tax is going to be used to place water meters in everyone's homes, instead of fixing their leaky water system.

This is the basic infrastructure that's being put into place to allow privatisation of the system. It happened in the USA and it's going to happen there too.

at morrisons its 118.9 for unleaded, prob could drop another 4p, however of that 118.9 remember this goverment takes about 75p in tax and vat, so next time a cyclist tells u he pays more tax than you, you can correct his errors lol

£1.179 at Sainsbury's (Archer Road) last night [W].

To keep track, use the (free) Petrol Prices online services, e.g. http://www.petrolprices.com/

I thought this was interesting...Government statistics for Petrol prices....it shows that since jan2014, Petrol prices have only dropped by 10.42 pence.....Compare that with drop in crude oil prices...

https://www.gov.uk/government/statistical-data-sets/oil-and-petroleum-products-weekly-statistics

What is the relationship with the cost of oil to the cost of petrol at the pump, compared to other costs such as tax etc?

Not as high as you'd hope, because so much of the cost of petrol is fixed.

Tax

Refining costs

Transport costs

% Profit for the retailer

Most of those don't change so much so it's only the fluctuations in the cost of the raw materials that can show an effect on the price at the pump.

What is the relationship with the cost of oil to the cost of petrol at the pump, compared to other costs such as tax etc?

I'm not certain what you mean! (sorry)....are you inferring there isn't a relationship between the cost of oil and the cost of petrol at the pumps?...

I'm not certain what you mean! (sorry)....are you inferring there isn't a relationship between the cost of oil and the cost of petrol at the pumps?...

No I ask asking what the relationship was. In those exact words!

Ok. For example, say tax and other costs make up 50% of the cost of petrol, a 10p reduction in the cost of oil would only see a 5p reduction in the cost of petrol.