Does anyone effectively oversee fuel prices ?

H

horusd

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This is a real bugbear for me and I assume everyone else. Recent upheavals in the Middle East have already pushed up the price of a barrel of oil. Doubtless we will quickly see a rise at the pumps within a few days/weeks. But I wonder how this rise in the price of oil so rapidly impacts on pump prices ? Assuming that the oil currently in Ireland or on it's way to Ireland as we speak, was bought at the lower prices how is it possible that fuel prices at the pumps is raised so quickly? Oil also requires refinement before sale, so presumably all fuel we will use for the next few months or so was bought at the lower price, how can higher prices be justified now or in the near future? The whole system seems potentially open to abuse. Does anyone in gov.t or at EU level oversee this ?
 
Like in most markets, retailers are free to charge any price.

They can give the stuff away for free if they like, or charge 10 euro / L.
 
The competitions authority have taken some high profile cases with regard to home heating oil prices in the west of ireland.
 
So fuel prices are rising..... however...... look at it like this.......

The cheapest bottled water in Tesco's costs about 30c per litre.

I've just paid €1.44 per litre for petrol this morning when I filled up.

If you take the tax off that its approximately 90c.

Oversimplifying slightly I grant you, but the water just has to be bottled, transported to the store and put on a shelf. Petrol on the other hand has to be pumped out of the ground (after many millions has been spent on locating it), transported to a refinery, processed by an extremely complex and high tech plant, transported once again, often overseas, loaded into tankers, transported again to filling stations and stored with all the safety considerations that entails and then retailed to you...... all for 90c a liter.....

I'm just amazed that petrol is as cheap as it is.....!!!!!
 
PetrolHead said:
So fuel prices are rising..... however...... look at it like this.......

The cheapest bottled water in Tesco's costs about 30c per litre.

I've just paid €1.44 per litre for petrol this morning when I filled up.

If you take the tax off that its approximately 90c.

Oversimplifying slightly I grant you, but the water just has to be bottled, transported to the store and put on a shelf. Petrol on the other hand has to be pumped out of the ground (after many millions has been spent on locating it), transported to a refinery, processed by an extremely complex and high tech plant, transported once again, often overseas, loaded into tankers, transported again to filling stations and stored with all the safety considerations that entails and then retailed to you...... all for 90c a liter.....

I'm just amazed that petrol is as cheap as it is.....!!!!!
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and also the fact that most garage's only make 1, 2 or 3 cents profit on each litre of fuel sold. its the shop and deli counter that makes or break a service station nowadays.
 
horusd said:
This is a real bugbear for me and I assume everyone else. Recent upheavals in the Middle East have already pushed up the price of a barrel of oil. Doubtless we will quickly see a rise at the pumps within a few days/weeks. But I wonder how this rise in the price of oil so rapidly impacts on pump prices ? Assuming that the oil currently in Ireland or on it's way to Ireland as we speak, was bought at the lower prices how is it possible that fuel prices at the pumps is raised so quickly? Oil also requires refinement before sale, so presumably all fuel we will use for the next few months or so was bought at the lower price, how can higher prices be justified now or in the near future? The whole system seems potentially open to abuse. Does anyone in gov.t or at EU level oversee this ?
Click to expand...

I am sure if you asked Sinn Féin they would promise to reduce the price of petrol for you.
 
Lol Brendan, if it was down to the shinners we'd all be walking to the crossroads, with cozy fires and comely maidens to borrow from Dev's lexicon !
 
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