UK Budget - Fuel duty cut

pvr

pvr

Dutch
 Ruler of the South East UK
Not a single petrol station in my area has passed this cut on, no wonder they get a reputation for being greedy ... :x
 
It does however provide the ammunition / proof what people always think though about profiteering as the duty is not relating to oil price.
 
Haven't they increased the tax that oil companies pay though? And with rising oil prices due to the crisis in Libya, prices at the pumps could still continue to go up.
 
Supposedly the 6pm change was a surprise to most petrol retailers as they've already paid duty at the higher rate on whatever is in their tanks, so why should they give the customer a 1p discount when it's the government who should be giving you this?

I'd have expected them to simply wait until their next planned 1p rise with their next delivery and just not increase the pump price.

Don't forget that for every 1p on the wholesale price of fuel to the retailer the pump price will rise by 2p due to duty & vat.
 
Now reverse it then.

Duty goes up, you could say the same. The retailer has already paid the lower duty on the contents of the tank but they raise the price immediately?

And you are right, the reduction at the pump should be more then 1p as the VAT is on top of duty, so lower duty means 1.2p off roughly.
 
It is interesting how it works over here, with some companies raising the prices so they could drop them again etc. In South Africa the price of petrol is set nationally... you pay the same at every petrol station. Not sure why that is, but raises the profile a bit if savings are not passsed on... petrol prices ate a bit of a voodoo science in the UK
 
1p ffs, what was the point

how big is an average petrol tank, what will 1p chuffin do for anybody
 
i agree with the principle, but i would rather he stuck it up is **** for what use it is

no point giving something if its not worth anything
 
The prices have come down here (by just 1p!), but interestingly they ramped the prices up to between £1.38 to £1.41!! per litre unleaded the week before the budget so the prices are still higher than they were a week ago!! :x

Someone needs to regulate the forcourt pirates!!
 
Yeah - it's all smoke and mirrors - and why can't all stations in a chain stick to one price?

I've been trying to find an 'app' that shows cheapest fuel prices but it seems the only ones available rely on drivers entering the prices at their local pumps. So not only do they raise prices but they make it hard to find where the cheapest fuel is. Driving round using fuel to find cheap fuel 8)
 
There was some posting a while back on fuel and taxes. I did a little research, And this is what I found. The cost of fuel the world over is the same. The only difference from country to country is tax on fuel. The US government makes more profit from fuel sold in the US than the oil companies do.

http://www.fool.com/investing/dividends-income/2006/05/24/exxonmobils-400-million-insult.aspx

Cheers
Jerry
 
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