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.
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.