Unleaded Petrol has now fallen in wholesale terms another 17% since the chart on the top of this page - from 1.8757 per gallon to 1.5973 per gallon.
What have we seen this week? - 4p? maybe 5p near you? I’ve seen 116.9 at Tescos today.
17% off last week’s forecourt price of 119.9 would take it below a quid. And that’s just this last fortnight’s fall being factored in.
Thieving gits! 
Independent Retailer in Streatham, South London yesterday.
115.9 for unleaded and 117.9 for diesel.
The Tesco near to where I live was 120.9 for diesel which is expensive considering the supermarkets are supposed to be leading the price war.
Even the “price war” thing is a lie - They “pretend” to be “cutting prices”, where in fact the wholesale price has totally collapsed, and they plod along very slowly, a long way behind it.
When duty is increased, or Oil prices were rising - you had it at the pumps by 6pm that night FFS! 
The only “price war” going on is the forecourts vs the Public - Not passing it on as they should be. The government have NOT increased fuel duty as yet, so the retail price should be running in tandem to wholesale prices. In fact, “Buy wholesale at 100p sell to public at 136p” makes the forecourt LESS than “Buy at 60p sell at 96p”… The percentage markup is higher on the lower price you see…
Since they are making more profit just by passing on 100% of the price drop - what are they insisting upon fiddling us all in so obvious a way for? 
“The Law” with “Trading Standards” has become nothing but “Rules for keeping Crooks out of Jail”. :x
http://www.fairfueluk.com/ are campaigning for a further 3p tax cut and a major inquiry into forecourt pricing amongst other things.
You might wish to consider signing up to their newsletters, signing their campaign letters, etc. See right of page.
if oil price go down to mach it is will be not good.well be more jobseekers includive lorry drivers
^ why’s that?
Tesco in Doncaster £1.12.9 unleaded
The price will bounce back gradually.
The government has cancelled the vat rises since Jan 2011. Losing 7 billion pounds in tax.
The next election will bring promises that will require funding and the vat on fuel will eventually be restored.
Market hedge funds are guessing that a correction will take place during 2015 and fuel should again start to rise during the end of 2015 and then climb back to 170 per barrel in 2016.
Add the postponed vat rises that will also be added and fuel should be more expensive than when it peaked.
For us as normal folk to not feel the rise then our wages have to rise.
The fuel will come back to bite us.
I’ve just stuck 57 litres in my car at Tesco, which has a 55 litre tank so I was running on fumes, and with the fuel save deal they have at the moment with the Clubcard I ended up paying just 97.9 pence a litre. Seems a very long time since I paid under a £1 a litre. Total should have been £64.92, with the saving I paid £55.80. Pleasing.
The price will bounce back gradually.
The government has cancelled the vat rises since Jan 2011. Losing 7 billion pounds in tax.The next election will bring promises that will require funding and the vat on fuel will eventually be restored
Not VAT, thats 20% (after all other costs/duties have been applied)
This is “duty” which is a fixed amount and I for one am glad this “fuel price escalator” (aka rip off) has been halted
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The price will bounce back gradually.
The government has cancelled the vat rises since Jan 2011. Losing 7 billion pounds in tax.The next election will bring promises that will require funding and the vat on fuel will eventually be restored.
Market hedge funds are guessing that a correction will take place during 2015 and fuel should again start to rise during the end of 2015 and then climb back to 170 per barrel in 2016.
Add the postponed vat rises that will also be added and fuel should be more expensive than when it peaked.
For us as normal folk to not feel the rise then our wages have to rise.
The fuel will come back to bite us.
“Late 2015” is pretty much 'forever in the future" as far as market pundits are concerned.
It’s also worth pointing out that Hedge Funds have lost a small fortune over Gold and Oil in particular this last year - so my suggestion to everyone is “WTF do they know” ? 
Just a few months ago, we got told "Oil will never be below $100 a barrel again. Get used to it for the 21st century."That prediction didn’t stay “correct” for a single year - did it?!
Today, let’s take a look at Natural Gas - seeing as this is a “fuel” thread, rather than just petrol and diesel…
A big price in Natural Gas today takes it down off the bottom of the chart, and to the lowest level of the year - in Winter time too!
Normally, prices spike higher at this time, due to increased demand. Such a “low” range for the price at this time of the year therefore - represents something very significant as to the future direction or trend of the price.
I’ve had emails this week from Scottish Power pleading with me to “fix now, because my current floating tariff ends 31st January”.
Why TF should I?
It occurs to me that there’s only so long the energy firms can continue charging top dollar for something of which the bottom has already fallen out of…
I’d advise NO ONE to “fix” at all for the coming year.
Hang it out, and watch prices continue falling over the months ahead - for discounted and floating-rate customers only of course. Fix at the top, and the price you pay remains at the top for however long that top stays in place. Regret a decision to fix, and wish to come out later? - Penalties have to be paid. They are not daft these firms. Just trying to get everyone to back the “wrong horse” in this latest race-to-the-bottom in cost of living prices that we were all led to believe could not happen…
The time to fix is AFTER the price has collapsed at the retail end - not just before they play catch-up downwards with the wholesale market - the latter move already done and dusted…
(My current tariff is “discounted til Feb 15” btw - best able to benefit from any falls in the floating rate price…)
Let the glut continue…
With demand this low in winter time - who knows how low it can go?
I seem to remember oil being around $12 in the 90’s.
If oil did drop to 20 dollar per barrel. Does it not make you angry that hard ship was forced upon us. Money taken so easily from our pockets for so many years.
It’s about time this drop in the natural gas price was passed onto consumers… No doubt the untility firms are “holding out until April” by which point we’ll have all been billed for our expensive winter fuel at top-of-the-market prices. We’re looking at a near 50% drop in the wholesale price according to the chart above - just over the last 6 weeks FFS!
I’ve had a letter from Scottish Power inviting me to “fix at last year’s all-year price” before my current deal runs out the end of this month. Why would I want to do that, when the pressure to pass on the price cuts already in the market is going to grow?
Lobby your MP today…
Meanwhile, the price of unleaded continues to fall…and fall… and fall…
Just drove past my local petrol station.
Unleaded -104.9p
Diesel - 111.9p
Any one think it will go under a pound?
Winseer, you can’t compare the drop in Gasoline prices in the US to the ones in the UK, or even Europe for that matter. The majority of the price of petrol per litre at our pumps is tax, the price of oil dropping down to 50 dollars a barrel and the price of gasoline futures in the US dropping by 50% in the US will only make a dent of 5% to our fuel prices at the pump, the tax is set per litre, not per price of oil. There ain’t a lot of room for it to go down much below a quid unless the government is willing to take its hand out of the cookie jar and I don’t see that happening.
Oil will go down to 20 dollars a barrel with gasoline futures dropping another 30%, that is only good for 3p a litre down here. Oil price going up will only increase the price at the pump more than the oil prices going down as the tax doesn’t change a whole heck of a lot, except for VAT.
The tax isn’t applied to the wholesale price “up-front”.
By comparing the wholesale prices of the same commodity, albeit slightly different grade - as is the case with Crude Oil - you can get an overall picture that is converging rather than diverging as prices fall.
With RBOB Gasoline - It doesn’t matter if it’s priced in Dollars, US Gallons, or whatever - Unleaded petrol is Unleaded petrol - Whole sale price, before any taxes are applied.
I use RBOB as illustration in these posts because it’s readily charted for free online, whereas IPE price data in this country is a subscription service compared to the more-open american markets versions of free charts that one can get on the internet.
Likewise, if I was saying “Unleaded is down to 106.7 at the pumps this week” - You might retort that “Ahh, that’s only at Greenhithe ASDA” but it would still be the best of what’s on the open market at the moment. It doesn’t matter if it’s 125.9 at a MSA or 112.9 at Shell stations near you - that doesn’t make my original quote of 106.7 wrong. It’s just the nature of the open market in forecourt prices that’s all.
Compare the price of WTI crude (West Texas Intermediate) Crude to Brent (UK North Sea) and despite the grades being more different than RBOB Gasoline compared to UK Unleaded - The charts look very similar indeed… The price of Gold, and other commodities varies slightly on both sides of the atlantic as well - but the price cannot diverge TOO much, lest arbitrage traders buy up the cheap side, and ship it across the pond at a guaranteed profit for sale there. The difference therefore cannot exceed the costs of transportation, which of course are coming down as time goes by with the cheaper fuel price pass-on…
It was $0.84 per litre yesterday in Fredericton, NB in Canada. Works out at about 47 pence per litre. Just over the border, about 12 miles from here in Maine its considerably less.
Winseer:
The tax isn’t applied to the wholesale price “up-front”.By comparing the wholesale prices of the same commodity, albeit slightly different grade - as is the case with Crude Oil - you can get an overall picture that is converging rather than diverging as prices fall.
With RBOB Gasoline - It doesn’t matter if it’s priced in Dollars, US Gallons, or whatever - Unleaded petrol is Unleaded petrol - Whole sale price, before any taxes are applied.
I use RBOB as illustration in these posts because it’s readily charted for free online, whereas IPE price data in this country is a subscription service compared to the more-open american markets versions of free charts that one can get on the internet.
Likewise, if I was saying “Unleaded is down to 106.7 at the pumps this week” - You might retort that “Ahh, that’s only at Greenhithe ASDA” but it would still be the best of what’s on the open market at the moment. It doesn’t matter if it’s 125.9 at a MSA or 112.9 at Shell stations near you - that doesn’t make my original quote of 106.7 wrong. It’s just the nature of the open market in forecourt prices that’s all.
Compare the price of WTI crude (West Texas Intermediate) Crude to Brent (UK North Sea) and despite the grades being more different than RBOB Gasoline compared to UK Unleaded - The charts look very similar indeed… The price of Gold, and other commodities varies slightly on both sides of the atlantic as well - but the price cannot diverge TOO much, lest arbitrage traders buy up the cheap side, and ship it across the pond at a guaranteed profit for sale there. The difference therefore cannot exceed the costs of transportation, which of course are coming down as time goes by with the cheaper fuel price pass-on…
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25-30% per litre is the actual cost of the oil. A drop of 50% in the price of oil will only drop a litre of diesel by 15p. The current price at the pumps reflect pretty accurately what the wholesale cost of Gasoline, a barrel of WTI or Brent is.
We may see another drop of 8-10p at the pumps once oil hits 20 bucks a barrel. The harder oil drops the smaller the resultant price change will be at the pump, it isn’t linear, no matter what your charts say.
Oil can drop to a dollar per barrel, price will only go down to 90p or there abouts.
