does anyone on here work in the industry? Strange he mentions the value of sterling when oil is priced in dollars or am I completely mistaken here?
It is odd. Mind you, the euro is down by about 8% against the dollar, so they probably do not have much room to cut prices.
Very poor from FG - it was clear for all to see that petrol prices did not rise at the pump in line with the increase in oil prices as the falling dollar kept them hedged some what. US pump prices rose considerably more than over here.
Petrol prices are cheap in this country compared to other Western European Countries. Was up North yesterday - Approx price was ~£1.16 a litre
Its not the petrol retailers who are ripping us off, its the distributors, the likes of shell and esso who operate in cartels to keep prices high and are making record profits
But FG wouldn’t criticise Shell, one can’t possibly criticise international corporations, we’ll scare them all away (shy little things that they are)
Correct. Most of the petrol retailers barely break even and petrol is often used as a loss leader to draw in the crowds to sell other goods.
Those that make any money do so on volume sales, one of the consequences of rising fuel prices is retailers have to increase their margins to cover the loss of revenue and they can no longer cover the subsidy from the rest of the business. The choice for the retailer as prices rise is to cut any subsidy and increase margin to make up for drop in volume or else go out of business.
Isn’t petrol taxed very heavily?
I would say that yet again it is the government ripping us off.