Price of Petrol/Oil.

[BOXtheFOX]

I see that the price of a barrell of oil is now around $34 but the price of petrol seems to be going up at the pumps. I paid 104.9 in Stillorgan yesterday without a smile, hello, thank you or goodbye.

 

[demoivre]

I see that the price of a barrell of oil is now around $34 but the price of petrol seems to be going up at the pumps.

That's the price of a barrel of US light crude oil. London Brent crude oil is trading at a premium of 9 to 10 dollars above US light crude oil at around $44 which, apparently, impacts more on prices here at the retail level.

 

[mcaul]

The price of raw crude is only one aspect of the price of the product you get at the pumps.

Currently the price of refined unleaded petrol is 28c per litre - it rose to this price nearly 2 weeks ago form about 25c, add in 50.79c duty & retail / distributor margin of approx 10c and then VAT on top of that equates to 1.08, so expect a further rise next week.

Good news for diesel prices, this has continued to fall back to december levels and is now the same price as unleaded, but the duty is much lower. Expect diesel to FALL to about 90 - 92c / litre.

The main reason why prices increase / decrease for petrol so often is that the margins are tiny and for most fuel stations its a loss leader, so even the slightest move higher in thw world price necessitates a move higher at the pumps and likewise due to competition to get you into their convienence stores, moves lower also happen quite quickly.

 

[LennyBriscoe]

Good news for diesel prices, this has continued to fall back to december levels and is now the same price as unleaded, but the duty is much lower. Expect diesel to FALL to about 90 - 92c / litre.

For those with fuel cards (Topaz) the price for the coming week for deisel is 90.9c/litre.