UK Petrol Price,...Record High

[wotsnext]

Tell me about it, my last fill-up cost £85 :(



Petrol price hits record high


A one-penny increase in fuel duty added to price rises at the pumps

The average price of unleaded petrol has hit a new high of 119.9p a litre, analysts Experian Catalist have said. Prices have been increasing steadily since the end of last year as the pound has weakened, which makes imported fuel more expensive.
The previous record was 119.7p, reached in July 2008 when the price of wholesale oil peaked at $147 a barrel.
Rising wholesale prices have also added to the price, as well as a 1p rise in fuel duty which took effect on 1 April.
A further 1p rise in duty is due in October and an increase of 0.76p is set for January 2011.
RAC motoring strategist Adrian Tink said: "This is a dark day for motorists.
"Petrol prices have been rising steadily over the past year and have now reached the inevitable record high. However, this is only the average.
"In some areas motorists will be paying close to £6 a gallon (131.9p a litre)."
The average price of diesel is currently 120.65p a litre. The record diesel price is 133.25p, also set in July 2008.
Brendan McLoughlin, from the price comparison site petrolprices.com, says the fall in the value of sterling is the main reason behind the rise.
"We have seen fuel duty rises too but the impact of the exchange rate has been the single largest cause of rising pump prices lately."
The pound has fallen by about 15 cents against the dollar in the past few months.
In November it was trading at $1.67. It is currently trading at $1.52.

[Wahnsinn]

I can't afford to run a car given the fact that insuring one would cost me almost £2000 and even filling up a small car that someone my age would buy is too expensive. Makes me wonder how we can have such a huge national debt in this country when the Government rakes in so much tax on a litre of petrol.

[SoftLion]

Entitlement programs are expensive.

[Panchito12]

Entitlement programs are expensive.


Bingo!!

Petrol/Gas prices are the same throughout the modern World. It's taxes that make the difference.

p.s. I just filled my Jetta TDI at $2.90 per gall. Roughly about $27. No problem on my paycheck.

[CMNot]

[QUOTE=Panchito12;4873207]Petrol/Gas prices are the same throughout the modern World. It's taxes that make the difference./QUOTE]

Er, no.

Wholesale costs vary dependent upon currency performance. As Sterling weakens, import costs and thus resale costs, also increase.

[Mu-Meson]

120p per litre? Oh wow. Gas prices in my necks of the woods is equivalent to 61p per litre. Funny how people love to hate on the oil companies when it is govt gouging that is the real reason for inflated prices at the pump.

[SpankyMcCollins]

^ ^ Too true it's the gov taxing I believe ? £1.14 a litre down the road from me.

[Panchito12]

[QUOTE=Panchito12;4873207]Petrol/Gas prices are the same throughout the modern World. It's taxes that make the difference./QUOTE]

Er, no.

Wholesale costs vary dependent upon currency performance. As Sterling weakens, import costs and thus resale costs, also increase.

Er yes,

Wholesale barrel prices are set, absent OPEC manipulation, at AMEX using West Texas Intermediate as the benchmark for crude prices.

[Blackcatnursery]

^ ^ Too true it's the gov taxing I believe ? £1.14 a litre down the road from me.
You are not kidding
If petrol was £1 per litre then this is the split of tax (the tax split will be even higher after 1/4/2010)
This breakdown of the price of petrol is based on the assumption of a £1 per litre of petrol.


Petrol Fuel Duty - 48.35p
VAT (17.5%) - 14.9p
Refinery Petrol Costs - 31.75p
Forecourt Costs - 3p
Forecourt Profit - 2p

This means that the forecourt is 5%, the oil cost is ~32% and taxation ~63% of the total cost
It doesn’t take a genius to work out why petrol is the price it is, 30 Billion £’s worth of tax per year

Not an easy tax to avoid either and makes it even more expensive to actually go to work.

[Redbeard]

In Serbia we've come to 1 quid for a litre. I just wish we had the same living standard as in UK. You wouldn't here me complaining then.

[MoFo]

£1.19p is the cheapest I can find it anywhere and Ive shopped around non-stop, before I went to Afghan fuel dipped to 82p a litre and now this is ****ing outragious..

I travel 50 miles a day and drive a 1.8ltr petrol turbo...Im putting about £70 in my tank just to get to work and back everyweek.

I swear, all it comes down to is ****ing profitering, we need another fuel strike asap otherwise itll only get worse. Someone needs a bloody seeing too.

/Rant Over

[fireinthehole]

You are not kidding
If petrol was £1 per litre then this is the split of tax (the tax split will be even higher after 1/4/2010)
This breakdown of the price of petrol is based on the assumption of a £1 per litre of petrol.


Petrol Fuel Duty - 48.35p
VAT (17.5%) - 14.9p
Refinery Petrol Costs - 31.75p
Forecourt Costs - 3p
Forecourt Profit - 2p

This means that the forecourt is 5%, the oil cost is ~32% and taxation ~63% of the total cost
It doesn’t take a genius to work out why petrol is the price it is, 30 Billion £’s worth of tax per year

Not an easy tax to avoid either and makes it even more expensive to actually go to work.

I work for a European oil company and Blackcatnursery's figures are spot on - I've seen the profit figure at 3p a litre but we won't argue about a penny - what we should be arguing about is the 63p the government takes........ but then again someones got to pay for the duckhouses/home renovations/fraudulent mortgage claims of our wonderful "representatives"

[SHAM]

Manipulation of the price of Petrol.
As this image shows a load of tankers sitting full in the medeteranean waiting for the price of oil to go up before they unload. We are all being taken for a ride.
My local petrol station is 1.32 euro a litre and going up. I am of the opinion with all these new power stations being built and all these new eletric cars coming out by Renault Nissan next year, and all the charging stations being put out around the country the government is quite happy for the price of fuel to be going up.
http://img186.imageshack.us/img186/1908/tankersx.jpg (http://img186.imageshack.us/i/tankersx.jpg/)

[Mastermind]

I filled up the Lincoln yesterday...$37.86...soon, will have to pay more than $40.00 to fill up...astonishing. Thank God I have the dough to keep the luxury car, gas guzzler going. It's a very comfortable ride....and well worth the expense. I would go on filling her up if it cost me $200.00 a tank. Actually, I feel like high gas prices are a good thing...it keeps the riff-raff off the street, you know (s)....people will soon start stealing gas from each other...and then there will be no gas to steal. Sad.

[JRT]

Well...

UK price £1,20/litre = 1,37€/litre = $6,9/gallon (US)

FIN price = 1,45£/litre = £1,27/litre = $7,29/gallon (US)

record price in the next fuel station near my home was 1,59€/litre = £1,39/litre = $7,9/gallon (US).

My snowmobile uses some 40l/100km or 5.88 MPG when tricking out in the powder, so a stretch of 100 klicks or 62 miles cost 63€ or $84 at the high point... who ever said hobbies were cheap.