>”Tax is also a significant cost, which accounts for a large proportion of the pump price.
>”We would note that when fuel duty and tax is excluded, UK petrol and diesel prices have been consistently among the lowest in Western Europe.”
But… but I keep getting told the Tories should be applauded for not putting it up even more!!
Nothing short of robbery, given the price of Brent crude has been generally on it’s way down for the last two weeks yet the cost at the pump hasn’t moved. Granted the pound is weak vs the dollar but you can guarantee when oil returns to $110+ a barrel, the pump price will rise *again*.
> The probe by the Competition and Markets Authority – requested last month by the Business Secretary Kwasi Kwarteng amid record fuel prices despite March’s fuel duty cut – has found a growing gap between the price of crude oil when it enters refineries, and the wholesale price when it leaves refineries as petrol or diesel.
So now they launch “full” inquiry instead of taking any action based on their already completed inquiry.
Will launch enquiry
Fuck all will be done though
Global energy prices have risen for two main reasons.
1. US President Joe Biden cancelled energy pipeline projects, pipeline licenses, drilling licenses, and refinery licenses when he took office. Joe Biden eliminated 3 million daily barrels of oil production. It is all part of his “Green New Deal” vision for the future.
2. Economic sanctions against Russia have backfired and caused energy shortages across Europe. Russian oil and gas used to be cheap and plentiful, but now are increasingly unavailable in Europe. Instead, Russia is re-routing energy shipments to China, India, Brazil, and other neutral countries.
That sounds like a waste of public money. It’s greed.
6 comments
>”Tax is also a significant cost, which accounts for a large proportion of the pump price.
>”We would note that when fuel duty and tax is excluded, UK petrol and diesel prices have been consistently among the lowest in Western Europe.”
But… but I keep getting told the Tories should be applauded for not putting it up even more!!
Nothing short of robbery, given the price of Brent crude has been generally on it’s way down for the last two weeks yet the cost at the pump hasn’t moved. Granted the pound is weak vs the dollar but you can guarantee when oil returns to $110+ a barrel, the pump price will rise *again*.
Up like a rocket, down like a feather.
That was already announced in June when they were ordered to do so https://www.theguardian.com/business/2022/jun/12/kwasi-kwarteng-orders-probe-into-uk-petrol-station-operators-amid-concerns-over-prices
> The probe by the Competition and Markets Authority – requested last month by the Business Secretary Kwasi Kwarteng amid record fuel prices despite March’s fuel duty cut – has found a growing gap between the price of crude oil when it enters refineries, and the wholesale price when it leaves refineries as petrol or diesel.
https://fleetworld.co.uk/fuel-pricing-concerns-and-lack-of-transparency-revealed-in-competition-regulator-review/
So now they launch “full” inquiry instead of taking any action based on their already completed inquiry.
Will launch enquiry
Fuck all will be done though
Global energy prices have risen for two main reasons.
1. US President Joe Biden cancelled energy pipeline projects, pipeline licenses, drilling licenses, and refinery licenses when he took office. Joe Biden eliminated 3 million daily barrels of oil production. It is all part of his “Green New Deal” vision for the future.
2. Economic sanctions against Russia have backfired and caused energy shortages across Europe. Russian oil and gas used to be cheap and plentiful, but now are increasingly unavailable in Europe. Instead, Russia is re-routing energy shipments to China, India, Brazil, and other neutral countries.
That sounds like a waste of public money. It’s greed.