This really does annoy:
Petrol companies were accused last night of giving motorists a raw deal
after it emerged that pump prices had been cut by only 10 per cent
despite a 30 per cent drop in oil prices over the past six months.
80% of the cost of a litre of petrol in te UK is taxation. Some of that is price related (VAT) and some a fixed amount (fuel duty). So of course fuel prices move less in percentage terms than crude prices.
In
Tim, you should know it is always the fault of the capitalist pigs.
TO be fair that seems to be more of the Telegraph’s spin that what is said – they’re arguing it should be back to where it was when the oil price was at $56 (though there will be lags of course, it would be interesting to chart the two).
For anyone in the UK this is good – it can save about 10p a litre in London, at least.
http://www.petrolprices.com/
You’re obviously right though, as far as I can work out at current levels the price of pump petrol should move by about 1.5% for every 5% change in the crude price.
Didn’t the Boy Dave (M) also say that duty would be changed so that drop in crude oil prices would not translate into a drop in petrol prices?
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