Fuel prices... When will they hit £7/gallon?

[htgeng]

Amazing that Diesel was around £1/litre only a couple of years ago. Its now broken the £1.40 mark. The way things are going at the moment it will surely hit £1.50 by the end of this year? Yet the wheels keep turning.

How are fuel prices affecting your business or lifestyle?

 

[masona]

Amazing that Diesel was around £1/litre only a couple of years ago. Its now broken the £1.40 mark. The way things are going at the moment it will surely hit £1.50 by the end of this year? Yet the wheels keep turning.

It's because the Government are getting away with it. When I was in the oil refinery the cost of making diesel then was approximately 30-35p per litre and out of that roughly 3-4p profit per litre, forecourt 2p profit per litre and the rest goes to Government from Fuel Duty with the Vat added on top!!!! Don't have the latest figures now

 

[joe-90]

It's because the Government are getting away with it.

Can you explain what you mean. What are they getting away with? Are you suggesting that taxation should be scrapped? What point are you making?

 

[longdogs]

When filling up, petrol is about a pound per second

 

[joinerjohn]

Years ago diesel was always cheaper than petrol, for the simple reason, it's a less refined fuel. Then some bright spark in govt realised more people were driving diesel engined cars and suddenly diesel cost about the same as petrol. Increasingly over the years, they put the fuel duty (tax) up until we find it's dearer per gallon than petrol.
Now the EU have imposed fuel sanctions against Iran, (refusing to buy Iranian crude) I expect the prices to increase further. (even though the EU didn't import much from there in the first place).

 

[joe-90]

Years ago diesel was always cheaper than petrol, for the simple reason, it's a less refined fuel. Then some bright spark in govt realised more people were driving diesel engined cars and suddenly diesel cost about the same as petrol. Increasingly over the years, they put the fuel duty (tax) up until we find it's dearer per gallon than petrol.
Now the EU have imposed fuel sanctions against Iran, (refusing to buy Iranian crude) I expect the prices to increase further. (even though the EU didn't import much from there in the first place).

The reason that diesel costs are high is that demand for diesel is higher. How many diesel cars were there in the 70s?

And it matters not whether we buy from Iran, if you reduce the availability of fuel worldwide - then the cost will rise.

 

[wreckedit]

A couple of weeks ago it was £1.28 per litre in ASDA were as in TESCO it's £1.35. No good to me though because I was on my bicycle.

 

[EFCLee1]

can someone explain in simple terms why it has ended up so expensive, dont other countries pay far less than us? let me guess the government takes a massive cut of it

 

[Norcon]

let me guess the government takes a massive cut of it

Yes though probably not enough. Fuel is dirt cheap imo.
If it was expensive you'd see a lot less traffic on the roads.

 

[EFCLee1]

let me guess the government takes a massive cut of it

Yes though probably not enough. Fuel is dirt cheap imo.
If it was expensive you'd see a lot less traffic on the roads.

How is making it more expensive to remove cars off the road a good thing, more people would then ride bikes which would equal more deaths

Am considering a 125 Moped or something cos my fuel costs me around £80 a week

 

[joinerjohn]

What gets me though, is, chancellor after chancellor, stands there year after year with his red box telling us his main priority is to keep inflation down. Then, almost the first announcement after that is an extra percentage increase on fuel duty and the ever present soundbite, "This will mean an extra 2p on a litre of fuel."
Do none of them realise that the result of this is a rise in the cost of almost everything? Delivery prices go up and it's us consumers who lose out with dearer shopping etc, etc.

If they really want to keep inflation down, then leave the fuel alone, or even reduce the duty on fuel.

 

[joe-90]

Fuel tax is paid by everyone from dole cheats to tax fiddlers to illegal immigrants as is VAT. You can't fiddle these things. If income tax were to rise it would have to go up enormously because everyone would fiddle it.

 

[libby lou lou]

I am a drinker/smoker and would rather see 10p on each of them than the fuel being the price of fuel go up, it's the blood of britain, we can do without the others or cut down,
My car was took off the road 5 months ago, because i'm not willing to pay the fuel plus insurance rise, some people need their car, don't NEED mine so it's gone.

Now they get no road tax off me, no fuel duty, no money of my ins company,M'O'T' bay, tyres, etc.

Britain is goosed.

 

[joe-90]

Give up smoking and drinking and you can run a Bentley.

 

[ABCwarrior]

In my local a pint of Magners is £3.20, or £25.58 a gallon. Easily put away in a night.
While I hate the fact most of the cost of fuel is duty, I cut up four trees last week with my chainsaw using less than a litre of petrol. £1.30? Bargain, I'd still be there with a bowsaw....