Energy including fuel production and delivery should be nationalised to take profit out of the equation.
Price of petrol here has gone up more than 5p just this week. That tax cut barely made a dent.
No issues found 🤑
As if a missing 5p a litre would make any damned difference to the price such as it is. If it went down by 5p it would be gone a week later by cost increases. Why even bother wasting money on an investigation?
Some petrol providers are definitely taking the piss. You have variations of up to 25p between providers not even at motorways.
This is just for the government to seem like they are doing something. The fuel duty cut was passed on in full by the supermarkets and most other retailers but it was 3 months ago. We need more government intervention now like a further cut of 20p or a temporary removal of VAT.
If a big chunk of the price of a litre of fuel is made up of tax and VAT – surely given the rises a sliding scale tax threshold per litre – say 20-30p plus VAT capped, (rather than the 52p fuel duty currently) a litre would be a government based solution with a profit price cap of x% per litre based on wholesale fuel prices would give some stability, allow for privatised fuel still rake in a boatload in tax regardless for the government
I work in the City and understand forwards, options, and hedging week enough to see that price increases are passed along immediately while price falls filter through very slowly.
Either there’s no commercial need to hedge or buy forward rather than spot, or the price should rise and fall with the hedge cost not up with spot and down with the hedge.
5p was a pitiful cut when anyone could see that the price was going to rise by even more as the war in Ukraine continued. Petrol stations may have pocketed some of that but prices went up anyway as the cost of a barrel went up, what should be investigated is why prices have not come down as the cost per barrel has too. Companies might call it speculation but prices never drop significantly after a large price increase, something customers have known for years. A probe to find out that fossil fuel companies are greedy is just a waste of time and money.
It’s the government taking in the money
There’s an 11p difference between where I live and the next town over. There’s a difference of barely 20 miles, no difference in transport connections nor rent prices of any significant amount.
This can’t be anything other than “fuck you, because we can” surely?
i sometimes use that petrol prices app.
what i find ironic and evidence of greed is if you have a costco petrol station – look around the nearby stations they’re only a few pence off and as you get further away the price increases.
surely if the same company can sell it for 10p cheaper to get near the costco price then they can do it elsewhere too
They were given a waiver against competition law to help them overcome “shortages” a while back. It’s not clear whether that was ever withdrawn (no one could find evidence it was).
Am reading a lot of US reddit content about their high petrol prices, and then worked out that they’re paying the equivalent of £0.98/litre…
14 comments
Energy including fuel production and delivery should be nationalised to take profit out of the equation.
Price of petrol here has gone up more than 5p just this week. That tax cut barely made a dent.
No issues found 🤑
As if a missing 5p a litre would make any damned difference to the price such as it is. If it went down by 5p it would be gone a week later by cost increases. Why even bother wasting money on an investigation?
Some petrol providers are definitely taking the piss. You have variations of up to 25p between providers not even at motorways.
This is just for the government to seem like they are doing something. The fuel duty cut was passed on in full by the supermarkets and most other retailers but it was 3 months ago. We need more government intervention now like a further cut of 20p or a temporary removal of VAT.
If a big chunk of the price of a litre of fuel is made up of tax and VAT – surely given the rises a sliding scale tax threshold per litre – say 20-30p plus VAT capped, (rather than the 52p fuel duty currently) a litre would be a government based solution with a profit price cap of x% per litre based on wholesale fuel prices would give some stability, allow for privatised fuel still rake in a boatload in tax regardless for the government
I work in the City and understand forwards, options, and hedging week enough to see that price increases are passed along immediately while price falls filter through very slowly.
Either there’s no commercial need to hedge or buy forward rather than spot, or the price should rise and fall with the hedge cost not up with spot and down with the hedge.
5p was a pitiful cut when anyone could see that the price was going to rise by even more as the war in Ukraine continued. Petrol stations may have pocketed some of that but prices went up anyway as the cost of a barrel went up, what should be investigated is why prices have not come down as the cost per barrel has too. Companies might call it speculation but prices never drop significantly after a large price increase, something customers have known for years. A probe to find out that fossil fuel companies are greedy is just a waste of time and money.
It’s the government taking in the money
There’s an 11p difference between where I live and the next town over. There’s a difference of barely 20 miles, no difference in transport connections nor rent prices of any significant amount.
This can’t be anything other than “fuck you, because we can” surely?
i sometimes use that petrol prices app.
what i find ironic and evidence of greed is if you have a costco petrol station – look around the nearby stations they’re only a few pence off and as you get further away the price increases.
surely if the same company can sell it for 10p cheaper to get near the costco price then they can do it elsewhere too
They were given a waiver against competition law to help them overcome “shortages” a while back. It’s not clear whether that was ever withdrawn (no one could find evidence it was).
Am reading a lot of US reddit content about their high petrol prices, and then worked out that they’re paying the equivalent of £0.98/litre…