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Petrol slashed below £1 per litre
Wednesday 15th October 2008, 11:45AM BST.
Plummeting oil prices brought respite for drivers today with one Black Country garage slashing petrol below the £1 per litre mark.
A barrel of US crude dropped below 79 US dollars, down almost 50 per cent from a high of 147 US dollars earlier this year. And the reduction in the wholesale price was starting to be passed onto motorists.
Wall Heath Service Station was selling a litre of unleaded at 99.9p from 9am after taking its latest fuel delivery.
Today’s price represents a drop of 20p from a high of 119.9p at the garage earlier this year. A litre of diesel was available at 114.9p this morning, down 11p from a top price of 125.9p.
Owner Simon Wallis is predicting other retailers across the region will follow suit with oil prices now at their lowest level for a year.
The 53-year-old said: “Our wholesale price was down 3p per litre today and we have come down 5p. I never thought we would see £1 a litre again.
“We have cut our margin to the bone.”
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So a barrel of oil is half what it was, how come petrol is only a few pence less now then, shows how much we consumers are being ripped off by the petrol companies.Surely if oil is half the price then so should the by products, then the economy would really start to mend.
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they are still profiteering on diesel. this is generally where they will make profits to counter the fall.
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HEAR,HEAR…I totaly agree joe public are always hit the hardest other european countries pay half the price we have to pay
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Unfortunately Phil approx 75% of the price we pay at the pumps is takern in tax. Only a small percentage reflects the cost of the fuel. If the government reduced the amount they were taking in fuel tax, then we would all be better off.
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After driving abroad how come their diesel prices are LOWER than petrol – Andorra was only 1euro (84p)& Spain 1euro 18cents (just under £1) per litre!!
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makes a change. Im from Wall Heath and as any resident will tell you this was always one of the most expensive garages in the area. If this garage can cut its prices then anyone can!
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Phil –
The reason prices at the pumps have only dropped a few pence when oil has dropped by almost 50% is because the petrol in the pumps wasn’t brought today! It was brought a few months ago when oil prices were higher…Its a knock on effect
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Phil – you took the words right out of my mouth!
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7 dan answer this then why does it go up overnight when its brought months ago
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Not wanting to defend petrol retailers, however….
Remember the vast majority of the price paid at the pump per litre goes to the government in fuel duty and tax. So even if the wholesale price of petrol drops by half the RRP wont.
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If we could get petrol to be fixed at £1 a litre I think alot of people would be happy with that. Diesel at about £1.10 and make it a maximum so if petrol companies want to compete then they have to lower prices
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well said phil
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Indeed; Dan, I’d be very interested to hear your ecplanation of why the price increase is passed on immediately if the petrol is purchased months in advance.
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The reason it goes up immediately is due to a little issue called greed. Throw profiteering in also if you want. Lets face it, the average Joe in the street is completely defenseless when it comes to most things like this (Council Tax, Income Tax, Car parking fines etc). It’s no coincidence that when people stopping buying as much fuel due to the price, credit crunch etc, that all of a sudden oil is half price!
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i suppose gordon mcbroons government will now think its ok to increase the duty now we can never get a fair deal
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The amount of extra tax taken by the goverment over the last few months in ridiculous fuel prices, which i believe was being set aside for Mr Browns election war chest, has now been given to the banks so no doubt the fuel levy per litre will have to go on now….
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The petrol is the carrot, and drivers are being treated like donkeys. Historically England has always paid over the odds for fuel, it’s just that approval ratings are low at the moment so well..let’s give them something to chew on whilst we jack up another tax. Still, this particular smoke-screen might be recyclable..especially given the ridiculously high price of heating your house this winter. Same old same old.
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DROP THE PRICE OF PETROL THATS GREAT !
NOW TRY DROPPING THE PRICE OF GAS AND ELECTRIC
AFTER ALL IT IS A TYPE OF FUEL.
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