Not seen *this* for a while... (Fuel Thread)

UK PROFESSIONAL DRIVERS FORUMS THE UK PROFESSIONAL DRIVERS FORUM (INTERACTIVE)
1

(Petrol)

(Ultra-Low Sulphur Diesel)

Unleaded Petrol has dipped below $1 per US Gallon this morning.

FFS that’s a 50% drop in a month to what? - A low for this century so far to date??

If Hauliers cannot turn a profit now - then they never will.

NO more excuses for “keeping wages low” please!

Meanwhile in other markets…

Copper - collapsing…

Farmers - having a harder and harder time shifting their livestock…

Nearly everything down across the board, in fact - with EUROS and BONDS being the only thing on the rise. Even Gold seems to have blown up a bit from the highs of recent weeks.

I wouldn’t be stocking up on Euros though, what with Corona virus tearing through the mainland continent, and people *already out of work, especially among the young…
Bonds rising - makes borrowing cheaper than it has ever been. Perhaps this time around, we might see some 100% LTV mortgages loaned out at sub-1% rates unlike 2008 when the Banks got all that cheap money - and made borrowers pay through the nose to borrow it still.

Now all this selling - need not damage or destroy the economy providing firms in particular - don’t now get tight-fisted with their staff and customers I would suggest.
Customers - are going to want to see cut-priced wares reflecting the huge drops in underlying wholesale prices.
Staff are NOT going to want to be laid off or have their wages cut - simply because the firm now only gets to make say, £50m this next financial year rather than the £110 million they made last year…

It is all in the hands of our illustrious firms now then - not the politicians.
Yesterday’s budget - would seem to be throwing a bung to business, especially small outlets.
The 50 basis point cut to the Bank of England base rate - also brings down the cost of living for anyone on a tracker mortgage as well, on top… A stroke of genius there, doing them both together I reckon.

To quote Roosevelt from the 1930’s - “The only thing to fear - is fear itself”.

I know what I’m going to be doing though…
Putting the kettle on.

Keep Calm.jpg

There’s nothing to fear - but ‘fear’ itself…
Not “Pain”, nor “Failure” nor “Fatal Tragedy”.
Not the faulty units in this Mad Machinery
Not the broken contacts in emotional chemistry…

Neil Peart, 1952-2020

2

Russia and the middle East are having a fight over oil prices

Middle East are overproducing forcing prices down.
I filled my diesel car up this morning at asda 1.17 a litre… And hopefully will go down more.
As you say all good for the motor industry although company’s will just be pocketing the savings as they won’t be lowering there prices.

3

Most rates are connected to an fuel escalator, so the rates go up and down connected to fuel price…
Must try harder to instigate panic.

4

The classic…

Fuel goes down but pump prices remain the same story innit. Last I looked oil was trading at around $31 a barrel, that’s a sixteen year low. Have we seen the drop reflected at the petrol stations? Have we ■■■■!

Then again, I haven’t looked at petrol pump prices for over 20 years now. I don’t see the point. I have to have the stuff to get to work and the local chippy and I can’t haggle the price with the lass behind the counter so, I have to pay what ever they want. I stopped looking after watching the back end of my BMW V12 I had at the time, go down with the sheer weight of the petrol I was putting in it.

Good to see British industry; ie the supermarkets and the petrol companies getting in early and profiteering from the Cvirus problems. The supermarkets could have chosen to limit customers purchases to two packs of bog roll or two bottles of hand cleaner per customer but, no, they chose to sell it all and make a massive profit, leaving little old ladies and the more vunerable members of society with no chance. In similar fashion the petrol companies will continue with the pump price as it is making even bigger profits than normal.

:unamused:

5

By rights, forecourt prices should be down to 99.9p by the end of this month - at the latest.

There’s no sign that the markets are going to “bounce back” this time.
Talk is of a “Dead BAT bounce” rather than the usual dead cat kind…

The low of the day for unleaded - is now 97.5cents per US gallon. That’s 3.785 litres not 4.55 like over here btw…

A uk price of £1.149p per litre like we currently see at our forecourts - is the equivalent of $5.65 per US gallon (based on a $1.30 exchange rate) which is really taking the ■■■■ - isn’t it?

6

I was watching a youTuber a couple of weeks ago and during the film he filled his wrecker up - $2.69 I think the pump said. Per gallon (as Winseer says less than ours in volume).

7

Just remember that fuel duty remains at an all time high so the price at the pump has a fixed factor contained within it. Take that off and VAT which is also a fixed cost and petrol is probably about 40p a litre, as in the actual product, so while people may think wholesale prices have dropped by 5% or whatever it’s worth remembering that 5% of the price if the actual product and 5% of the “duty/tax included” price is a markedly different number.

8

RBOB Unleaded Petrol down to 86c now…

Actually falling off the bottom of the chart on that page linked above…

98c… suddenly seems sooo “this morning”… :open_mouth:

92.9p at forecourts near you within a week folks?

9

Under $2 a gallon for diesel almost everywhere in the US now with the right fuel discount card.
A few states are more expensive, California predictably but in most west and mid west states
diesel can be had for $1.80 - $1.90 with predictions of more reductions to come. Marvelous!!
Certainly the cheapest I have known in the time I have been an owner operator.

10

With the close for the weekend being below $1 per gallon- the price has now halved in less than a month.

If fuel duty in the UK is 75% of the price, then having the price drop by half of 25% of the price - should still take forecourt prices to the 90-99p range per litre…

So how come there’s plenty of fuel @ 114.9 everywhere, but we currently see more rolls royces about than rolls with paper on them?

11

Winseer:
With the close for the weekend being below $1 per gallon- the price has now halved in less than a month.

If fuel duty in the UK is 75% of the price, then having the price drop by half of 25% of the price - should still take forecourt prices to the 90-99p range per litre…

So how come there’s plenty of fuel @ 114.9 everywhere, but we currently see more rolls royces about than rolls with paper on them?

Maths needs work my friend. Yeah about 75%ish is duty and VAT so on 114.9 that’s about 85p. Just in duty and VAT. That’s leaves 30p product. A 25% drop in that is 7.5p meaning it should be 107.9ish. A 50% drop in product price would just squeak it under a pound in theory

Of course that theory goes out the window because… people need fuel because they feel they have to drive everywhere, even for a jolly to the local convenience store. I bet that if the volume of fuel being sold suddenly dropped then youd see a far quicker retail response to pricing… at the minute they can charge what they like because people still pay it.

You’ve also got feed through the system, that us oil price today takes time to filter through. But only when it means cheaper prices, or should mean cheaper prices. When it’s the other way of course it goes up immediately.

12

Diesel down to multi-year lows $1.04 per gallon and still dropping off the bottom of the chart…

Petrol now down to 72c per gallon - and also dropping off the bottom of the chart…

Meanwhile, I cannot find a chart for Toilet Rolls - but I would imagine they are rocketing in price right now…

The price of ■■■■ - appears to be holding up rather well, too…