Isn't oil paid for in US dollars?
And doesn't the pound buy about 35% more dollars than it did a few weeks ago?
Shouldn't our fuel prices have dropped? (ok, maybe only by 35% of 20% of the total price)
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Once you take off the tax and the overheads cost of the garage it's probably not cost effective to send a man up a ladder to change the price on the sign.
I'm sure this will be the case when costs go up too....
Gareth
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It's the dollar gone down, not the pound gone up. $ Doesn't buy as much as it did.
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Whilst the dollar has slid, the price of crude has gone up - I think you will find the price of a barrel of crude is almost the same in £ as it was a year ago. Price of crude has little to do with pump price anyway....
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RichardW
Is it illogical? It must be Citroen....
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Richard,
Price of crude has little to do with pump price anyway....
I believe that this might only be 50% true...the price of crude oil has nothing to do with the price of petrol when the cost of crude is falling, but when the price of a barrel of crude oil is rising then we get endless interviews from petrol company spokespersons claiming that the cost of crude has risen by X dollars so the price of petrol must rise by Y pence.
regards
Ian L.
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Some time back there was a topic on why the price of oil is still high,when the $ is low against the pound. maybe this is the reason why. refer to link. news.bbc.co.uk/1/hi/business/3488310.stm
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