Petrol and diesel prices reach new record high

[Laughton]

One of the winners, I guess, is HMRC with VAT receipts on fuel going up in line with the rise in prices.

Too much to expect them to reduce the rate a bit to help out the poor consumer.

[dealtn]

At last... good news ?
Petrol prices set to ease after hitting record highs
https://www.bbc.co.uk/news/business-60733390

but as readers of his post will be aware, I know one garage which will still rip people off

I don't know of a single garage where its customers aren't aware of the price and are coerced into a transaction they are uncomfortable with. Perhaps we have different definitions of "rip-off".

[pje16]

I don't know that ANYONE is coerced
They either don't think, don't care or are stupid
We are not talking fortunes here a full tank for me between my cheapest and most expensive is £10
BUT
it's better in my pocket then theirs

[pje16]

Oil prices have fallen (YAY !!!)
https://www.bbc.co.uk/news/business-60737256

[daveh]

Oil prices have fallen (YAY !!!)
https://www.bbc.co.uk/news/business-60737256

Yet today I noticed one of the cheapest places for diesel (AFAIK) in Aberdeen (Garthdee ASDA) was above 170p per ltr this morning. The nearby Sainsbury was slightly more expensive. Yet just 5 days ago I only paid £1.59/l at Tesco (who are usually about 1p more expensive, but on my drive home from work). So I hope the prices start to come down as fast as they went up if oil prices are falling.

[Breelander]

Oil prices have fallen (YAY !!!)
https://www.bbc.co.uk/news/business-60737256

Yet today I noticed one of the cheapest places for diesel (AFAIK) in Aberdeen (Garthdee ASDA) was above 170p per ltr this morning.....

Current prices are for fuel refined from oil bought last week. There's usually a lag between the spot price of oil and the price at the pumps, hopefully it should go down at the pumps with the same lag as when it went up.

[Dod101]

Small independent garages (and some will have a big Esso sign on the forecourt) as far as I know will have to pay for their fuel on delivery. I do not know how long it takes to sell it but they are covering the cost in the meantime. Tesco in contrast picks it up from the refinery and I doubt that they will have to pay up front but even if they do their wholesale price will most likely be much less than the independent and there will be a saving in transport. I know of one guy who went bust on that basis.

No one is being ‘ripped off’. If customers do not like the price they can go elsewhere.

Dod

[Dod101]

Oil prices have fallen (YAY !!!)
https://www.bbc.co.uk/news/business-60737256

Yet today I noticed one of the cheapest places for diesel (AFAIK) in Aberdeen (Garthdee ASDA) was above 170p per ltr this morning.....

Current prices are for fuel refined from oil bought last week. There's usually a lag between the spot price of oil and the price at the pumps, hopefully it should go down at the pumps with the same lag as when it went up.

My domestic oil supplier prices his oil to me based on the refinery price as far as I know. In fact when I ordered fuel a couple of weeks ago he said that the price had gone up twice that morning and it was only 11am!

Dod

[pje16]

Lucky you didn't get an afternoon or early evening delivery then

[didds]

No one is being ‘ripped off’. If customers do not like the price they can go elsewhere.

Dod

I agree with the "not ripped off" bit, but not everybody lives in a place with multiple fuel station options. the more rural one gets, the fewer options there are. And often with no supermarket fuel station within a considerable distance. Or its clear from towns around here that prices rarely differ. Whether that is true Keynesian economics at play or a unofficial cartel is open to conjecture but it means if one station is too expensive, there is no effective alternative.

[BullDog]

I was really lucky yesterday. I called in at Tesco as there was not much queue. Only one pump was working for e10 unleaded. There was no diesel available. It was 153p. By the time I had filled there was maybe a >100m queue formed. Asda and Sainsbury's were both out of fuel. There's no other filling station in the town any more, they've all closed down.

[airbus330]

Its very variable. I did 180 miles in rural Wales yesterday and there was fuel in every garage that I passed. Prices were incredibly variable from £1.54 to £1.89. First time my m/cycle has taken £20 to fill! Feel sorry for rural folk as they were, as usual, amongst the priciest. Oh and they often don't have e5.

[Dod101]

No one is being ‘ripped off’. If customers do not like the price they can go elsewhere.

Dod

I agree with the "not ripped off" bit, but not everybody lives in a place with multiple fuel station options. the more rural one gets, the fewer options there are. And often with no supermarket fuel station within a considerable distance. Or its clear from towns around here that prices rarely differ. Whether that is true Keynesian economics at play or a unofficial cartel is open to conjecture but it means if one station is too expensive, there is no effective alternative.

My nearest 'sensibly' priced fuel is at a supermarket 20 miles away. I could buy locally but that would be up to 20% more expensive, and I would not dream of buying there. I am in the nearest town or at least passing through, at least once a week and usually fill up whilst I am there.

Dod

[swill453]

I wonder if they're going to upgrade the maximum amount you can get at pay-at-pump machines. It's usually £99 and I know my campervan will take more than that now.

Scott.

[Dod101]

I wonder if they're going to upgrade the maximum amount you can get at pay-at-pump machines. It's usually £99 and I know my campervan will take more than that now.

Scott.

The £99 limit could be a form of rationing so I cannot see them upgrading that any time soon. More likely drop it to £50 max.

Dod

[swill453]

I wonder if they're going to upgrade the maximum amount you can get at pay-at-pump machines. It's usually £99 and I know my campervan will take more than that now.

The £99 limit could be a form of rationing so I cannot see them upgrading that any time soon. More likely drop it to £50 max.

No sign of any shortage anywhere I've been. More likely a glut as people cut down on their mileage.

Scott.

[Hallucigenia]

The £99 limit could be a form of rationing so I cannot see them upgrading that any time soon. More likely drop it to £50 max.

There's no particular shortage of oil - the lockdowns in China may well reduce demand by as much as the oil exports lost from Russia, and the IEA members have committed to releases from strategic reserves if need be.

I got lucky, I saw the price of crude go up so filled up two days before the price rises hit the local supermarket. It's up 15p since then, so my long position is showing a gross profit of £7.50 . It was noticeably busy after the second price rise in two days, but hasn't been very busy since it went up to 12p and then 15p above my entry point. You can imagine some demand will definitely be reduced.

[Dod101]

The £99 limit could be a form of rationing so I cannot see them upgrading that any time soon. More likely drop it to £50 max.

There's no particular shortage of oil - the lockdowns in China may well reduce demand by as much as the oil exports lost from Russia, and the IEA members have committed to releases from strategic reserves if need be.

I got lucky, I saw the price of crude go up so filled up two days before the price rises hit the local supermarket. It's up 15p since then, so my long position is showing a gross profit of £7.50 . It was noticeably busy after the second price rise in two days, but hasn't been very busy since it went up to 12p and then 15p above my entry point. You can imagine some demand will definitely be reduced.

There has been talk of rationing diesel so I would not be too complacent.

Dod

[BullDog]

The £99 limit could be a form of rationing so I cannot see them upgrading that any time soon. More likely drop it to £50 max.

There's no particular shortage of oil - the lockdowns in China may well reduce demand by as much as the oil exports lost from Russia, and the IEA members have committed to releases from strategic reserves if need be.

I got lucky, I saw the price of crude go up so filled up two days before the price rises hit the local supermarket. It's up 15p since then, so my long position is showing a gross profit of £7.50 . It was noticeably busy after the second price rise in two days, but hasn't been very busy since it went up to 12p and then 15p above my entry point. You can imagine some demand will definitely be reduced.

There has been talk of rationing diesel so I would not be too complacent.

Dod

Indeed. Yesterday in my home town there was no diesel available. And just one pump selling e10 unleaded. There's now three filling stations in the town at supermarkets, no independent filling stations any more.

[Hallucigenia]

There has been talk of rationing diesel so I would not be too complacent.

The "talk" came from sensationalist reporting of Amrita Sen's discussion with the Treasury Select committee - which was mostly about Germany. What she actually said was :

Particularly in terms of products, diesel is where we fear rationing could come as soon as the end of this month in Germany. You could absolutely see the repercussions of that in the UK as well.

It's different for Germany as they use more for winter heating.