Crude Oil Price

[colin(bridgend)]

See on BBC2 Ceefax finance pages that the price of crude oil has fallen below the $100 per barrell mark and is predicted to stay below this point for the foreseeable future. When therefore will the cost of fuel at the pump drop and will it then enforce the Chancellor to raise his tax on fuel to compensate for the unexpected windfall he has recently received from the fuel tax and VAT.

 

[grahamgreatbarr]

On 19" March. I put 20.53 ltrs of Diesel at a cost of

 

[colin(bridgend)]

This has always been the case since VAT was introduced on fuel. The original cost per litre was subjected to fuel tax and then VAT is added to this new price of basic plus fuel tax. VAT is a no lose tax as when the wholesale cost of an item rises so the VAT proportionally increases. The Government CANNOT lose

 

[ThePlotter]

I am not sure (it changes so often) but the darling gets something like 66p-70p in the

 

[CheapnCheerful]

I think that a part of the 'fall' in price is actually because the dollar has risen in value, rather than the value of oil falling, so might not be so much of an effect for the U.K.

 

[MonkeyHanger]

Even if it had fallen the saving would not be passed on to the motorist just like when intrest rates were cut the banks kept the money themselves its all take take take

 

[Mikey1]

Typical

As soon as it looks as though the price of crude is dropping it hits $107 a barrel after a main oil export pipeline was blown up cutting Iraqs crude export by up to a third.

 

[davedee]

Yes Mikey. And a less sceptical person may say it is coincidence.

Dave