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price of crude oil ZERO!!!!
Posted: Mon Apr 20, 2020 9:51 pm
by Mitsuru
Anybody got an idea on what's going to happen with oil being in negitive pricing!?!
I've notice the price of unleaded has more or less stayed at £1 a litre. Will this go down as well?
Re: price of crude oil ZERO!!!!
Posted: Mon Apr 20, 2020 10:21 pm
by gazza82
Oil producers have reduced output to keep barrel price higher ... but the demand has dropped further since. So I'd expect another reduction if they can all agree and a few countries don't like that .. Russia, Mexico and US for example.
US don't appear to want to follow suit so carried on producing and now they have a surplus so some companies are paying the refineries to take it ... so price is actually negative ...
Re: price of crude oil ZERO!!!!
Posted: Tue Apr 21, 2020 3:44 am
by GHT
Sub-zero actually. The full story is in The Financial Times:
https://www.ft.com/content/a5292644-958 ... e55d766654
This is just a speculative guess, I wouldn't expect prices at the pump to fall dramatically lower. Oil companies have lost their commercial customers, the only way to keep any capital flowing into their coffers is by leaving domestic prices relatively high. That's high compared to wholesale prices. The biggest winners are those in transport, that's one of the vital industries still working, fuel accounts for a high percentage of their costs.
Re: price of crude oil ZERO!!!!
Posted: Tue Apr 21, 2020 6:59 pm
by Dick
Don't panic.. Government will have a massive bill to pay soon and they will be screwing as much out of public as possible....
Re: price of crude oil ZERO!!!!
Posted: Tue Apr 21, 2020 10:46 pm
by JPB
Hmm, LPG has held its price, as has van food (SVO), which costs me 43ppl from Booker Foods or Costco. Why wouldn't LPG have been made cheaper? Is it drained from the stomachs of dead cattle or was that a lie, told to me by a local farmer when I asked him what he does with his carcasses during the lockdown.
Re: price of crude oil ZERO!!!!
Posted: Wed Apr 22, 2020 4:54 pm
by Dick
How much tax is on lpg?
Re: price of crude oil ZERO!!!!
Posted: Thu Apr 23, 2020 5:59 pm
by Mitsuru
Type of fuel Rate
Petrol, diesel, biodiesel and bioethanol....................................57.95 pence per litre
Liquefied petroleum gas (LPG)...............................................31.61 pence per kg
Natural gas used as fuel in vehicles, for example biogas ................24.70 pence per kg
‘Fuel oil’ burned in a furnace or used for heating ....................10.70 pence per litre