€2 per litre will seem cheap!

[peemac]

Dollar gone towards 1.08, brent crude gone to $130, refineries charging a premium.

My calculation is we'll be well over €2.20 a litre in 2 weeks unless there's a substantial excise reduction.

Net cost of oil is 77c, duty and carbon tax 64c, NORA levy 2c, refining costs 14-15c (some oil sites saying 25c + is being charged in some cases), distribution costs 12c, retailers 10c + vat 23% = €2.21 / litre


That's will seriously affect spending on non essential goods and services by a huge number of people (I'm already seeing it in my business) and at the same time put prices of many goods and services up leading to inflation figures we have not seen for decades.

Economy is in for a very bumpy few months unless a very substantial change is made to excise duties. - Covid will seem a walk in the park.

 

[Firefly]

Senior US officials have flown to Venezuela for rare talks with Nicolás Maduro’s government..

U.S. Officials Travel to Venezuela, a Russia Ally, as the West Isolates Putin (Published 2022)

The trip is the highest-level visit by American officials to Caracas in years, driven by a desire to separate Russia from its remaining Latin American allies.

www.nytimes.com

If sanctions were removed, Venezuela could be a substitute for Russian oil. Venezuela has the largest oil reserves on the planet I believe, so if this comes to pass, I would expect the price of oil to drop again.

 

[Purple]

Around 50% of the price is tax. We should just cut the tax while this is going on.

 

[odyssey06]

Around 50% of the price is tax. We should just cut the tax while this is going on.

Yes the UK has a cap like that in the noughties, they set a price and it'd be reached either with market price or excise topup.

 

[peemac]

Around 50% of the price is tax. We should just cut the tax while this is going on.

That's what has been mooted by Varadkar. A 16.2c excise cut would equate to 20c at the pumps when vat is included. Would still be €2+ if oil prices stay at $125 and dollar keeps under $1.10

 

[RetirementPlan]

Price is still too low, based on my observations of the number of people who keep their engine running, poisoning their community, while waiting outside the shops or at football practice or outside the medical clinic. Just in case their little tootsies get a chill, like.

 

[peemac]

A lot of people on Twitter and Boards getting riled up about price changes today, especially diesel and home heat. Most don't bother to even try and understand how the system works. (most businesses will work on "replacement cost" especially when you get 2 / 3 deliveries a week. So if Shell distribution (used shell as they don't operate here) sends you an email that next delivery will be 8c higher, you would need to be changing pump prices by end of the day as the next delivery will be tomorrow. Same when prices drop, such as tonight when duty drops will come into play - you will have very little business unless you drop immediately.

Unfortunately a large amount of diesel fuel for Europe is refined in Russia and Belarus. With an effective trade embargo on these countries, it has led to huge demand on other refineries and they are charging handsomely for their services.

No pressure on petrol refining. Its done locally in Whitegate and also in Wales and very little supplied from Russia.

Hence diesel which has about 10c less duty (changing to 5c less tomorrow) is now running about 10c more than petrol, suggesting a 20c surcharge by refiners at present.

Plenty will scream "profiteering" - but a cup of coffee at €3.20 still has a bigger gross profit than a €60 purchase of diesel/petrol

 

[odyssey06]

Huge variation in prices at the mo... really need to shop around and not go to first place / usual place

 

[johnwilliams]

problem odyssey06 is while your shopping/driving around ,you are burning quite a bit of fuel /money with no gain

 

[odyssey06]

problem odyssey06 is while your shopping/driving around ,you are burning quite a bit of fuel /money with no gain

True but some of us pass half a dozen stations on commute / way to shops etc more if you loop it

 

[RichInSpirit]

Passed my local petrol station, this evening. Diesel is down to €1.799 from €1.999 the last day I bought it.
Maybe the price is stabilising?

 

[joe sod]

Motorists to be hit with fresh fuel price increases from midnight

Motorists will be hit with a 4c to 5c a litre price increase on diesel and petrol from New Year’s Day due to changes in biofuel mix requirements and associated legislative delays.

www.independent.ie

hardly any publicity about this, another 4 to 5c put on diesel because of mandatory increased biofuels component from today. So more acres taken away from food production to goto fuel aswell as the inflationary price increase on fuel itself it will also keep the food price inflation going, basic foodstuffs now have the highest inflation rate of all now well above the headline inflation rate of 10%.

Aswell as this increase Eamon Ryan saying that the reduced excise on fuel brought as a result of the Ukraine war will expire in february adding another potential 15c increase. Why is the media not publicising this stuff more

 

[peemac]

Motorists to be hit with fresh fuel price increases from midnight

Motorists will be hit with a 4c to 5c a litre price increase on diesel and petrol from New Year’s Day due to changes in biofuel mix requirements and associated legislative delays.

www.independent.ie

hardly any publicity about this, another 4 to 5c put on diesel because of mandatory increased biofuels component from today. So more acres taken away from food production to goto fuel aswell as the inflationary price increase on fuel itself it will also keep the food price inflation going, basic foodstuffs now have the highest inflation rate of all now well above the headline inflation rate of 10%.

Aswell as this increase Eamon Ryan saying that the reduced excise on fuel brought as a result of the Ukraine war will expire in february adding another potential 15c increase. Why is the media not publicising this stuff more

I wouldn't be believing anything the indo says. The reason why there's been no publicity about this is because the story is mostly utter rubbish.

Looks like one of their farming journalists listened to a rant from a farmer and decided that "it must be true" Then she mixes up all sorts of stuff trying to get to the end result. The text has also been changed a couple of times since first published when it was a dreadfully written piece of garbage.

The biofuel level does increase and the extra cost of this is about 0.7c. The Fuel industry say the biofuel regulation adds about 3c in total.

The main cause of a price increase is the same as the cause for the recent price decreases - the price from refineries for refining fuel has changed.

From 10th Nov through early Dec it dropped. It has now jumped. On 12th Dec diesel refining was $38 per barrel and Petrol $7 (in addition to the oil price). By 18th, diesel had gone to $47 and petrol dropped to $5 and last week diesel had gone to $52 and petrol to $12

Oil has also gone from a low of $76 on 11th, $82 on 18th and the current price of $86, so another increase of a couple of cent coming soon.