Jack Posted December 6, 2008 Share Posted December 6, 2008 Crude oil prices sank below the $42 a barrel level, a near-four year low, as commodity markets marked a new stage in their retreat, with US petrol prices falling below the $1 a gallon mark.....! Quote Link to comment Share on other sites More sharing options...
N.O.S. Posted December 6, 2008 Share Posted December 6, 2008 Oh good, it will finally run out in October 2017 instead of August 2017.....wondefrful news! Quote Link to comment Share on other sites More sharing options...
abn deuce Posted December 6, 2008 Share Posted December 6, 2008 Thats news to me , as far as the Mid-west is concerned the pump price here has fallen from around $4.20 per gallon from this summers high to $1.54 per gallon . I m not aware of the price being below $1.00 ? anywhere. Along with the retreat in fuel cost has been the increase in people who have lost their job's so although gas is cheap again people's buying and driving have not increased . Quote Link to comment Share on other sites More sharing options...
Marmite!! Posted December 6, 2008 Share Posted December 6, 2008 It's the wholesale price that's dropped not retail.. http://us.ft.com/ftgateway/superpage.ft?news_id=fto112120080650373494 Quote Link to comment Share on other sites More sharing options...
Jack Posted December 6, 2008 Author Share Posted December 6, 2008 Have a look here as well http://www.gasbuddy.com/ Quote Link to comment Share on other sites More sharing options...
Marmite!! Posted December 6, 2008 Share Posted December 6, 2008 Have a look here as well http://www.gasbuddy.com/ So you was talking Canadian $ & not US$ then:confused: Quote Link to comment Share on other sites More sharing options...
abn deuce Posted December 6, 2008 Share Posted December 6, 2008 (edited) Thank you for the gas buddy site listing , as I had seen it mentioned by others but had not looked it up .As for the whole sale cost its in agreement with the falling economy problem , While the price of gas was rising the alturnative fuel vehicles and their developement was in a positive move but now it looks like that will be at least on hold for a while ,since who needs a $109,000 dollar all electric Tesla roadster when fuel is getting cheaper every day. Edited December 6, 2008 by abn deuce Quote Link to comment Share on other sites More sharing options...
Jack Posted December 6, 2008 Author Share Posted December 6, 2008 Thank you for the site listing , as I had seen it mentioned by others but had not looked it up . ABN - if I send you over a 40 gallon drum - can you fill it and send it back please :coffee: Quote Link to comment Share on other sites More sharing options...
woa2 Posted December 6, 2008 Share Posted December 6, 2008 Question Do we pay VAT on Petrol in the UK as well as all the other taxes? I thought we did, and I hadn't seen the prices come down when VAT was reduced. Can anyone advise me, please? Quote Link to comment Share on other sites More sharing options...
ArtistsRifles Posted December 6, 2008 Share Posted December 6, 2008 IIRC - we pay the fuel duty on the price of the fuel - then we pay VAT on the compined price of fuel + fuel duty. So yes, we're paying a tax on a tax!!!! :argh: :argh: :argh: Quote Link to comment Share on other sites More sharing options...
Marmite!! Posted December 6, 2008 Share Posted December 6, 2008 Question Do we pay VAT on Petrol in the UK as well as all the other taxes? I thought we did, and I hadn't seen the prices come down when VAT was reduced. Can anyone advise me, please? Yes.... Chancellor Alistair Darling has announced VAT will be temporarily cut to 15% from December 1. He urges retailers to pass on the reduction promptly, to encourage consumer spending. VAT will return to 17.5% on January 1, 2010 when Darling believes the economy will be on its way to growth of 2%. Alcohol, tobacco and petrol taxes will be raised to offset the VAT reduction, which lasts until the end of 2009, he says. Quote Link to comment Share on other sites More sharing options...
ArtistsRifles Posted December 6, 2008 Share Posted December 6, 2008 And, according to the media, Darling then wants VAT rates raised to 18% in Dec 2009 and thence to 20% by 2012... Make of it what you will without crossing into the realms of the dreaded "P" word!! Quote Link to comment Share on other sites More sharing options...
woa2 Posted December 6, 2008 Share Posted December 6, 2008 And, according to the media, Darling then wants VAT rates raised to 18% in Dec 2009 and thence to 20% by 2012... Make of it what you will without crossing into the realms of the dreaded "P" word!! Come the revolution, Bruvvers....... (Anyone remember Wolfy in 'Citizen Smith'?) Quote Link to comment Share on other sites More sharing options...
fv1609 Posted December 6, 2008 Share Posted December 6, 2008 (edited) And, according to the media, Darling then wants VAT rates raised to 18% in Dec 2009 and thence to 20% by 2012... I can remember when HMG boasted that they had abolished Purchase Tax, which seemed to be on big purchases like cars. Then this VAT thing appeared on nearly everything at 10%. Then it increased to 25% for leisure items. That hurt because I remember I had just agreed to buy a caravan & the price suddenly shot up. The silly thing was some electronic components were previously 10%, but some components rose to 25% because they might be used in a TV set or a gramophone! Oh how wicked getting pleasure from a high voltage capacitor! There were lists provided for resistors, capacitors etc that were for normal electronics & those which might find their way into equipment used for leisure purposes. But I was using the 10% rated components for amateur radio, which was leisure. So was I cheating the taxman? Edited December 6, 2008 by fv1609 Quote Link to comment Share on other sites More sharing options...
Papav66 Posted December 6, 2008 Share Posted December 6, 2008 Yes fuel has dropped in price but surely it will rocket up again as the pound has dived against the dollar, so reckon the rollercoaster ride will continue. Quote Link to comment Share on other sites More sharing options...
woa2 Posted December 6, 2008 Share Posted December 6, 2008 IIRC - we pay the fuel duty on the price of the fuel - then we pay VAT on the compined price of fuel + fuel duty. So yes, we're paying a tax on a tax!!!! :argh: :argh: :argh: OK, thanks for that. Now the question is, why has Petrol not gone down when VAT was reduced? Or is that a silly question............... Quote Link to comment Share on other sites More sharing options...
Marmite!! Posted December 6, 2008 Share Posted December 6, 2008 OK, thanks for that. Now the question is, why has Petrol not gone down when VAT was reduced? Or is that a silly question............... That was answered in post #11 Alcohol, tobacco and petrol taxes will be raised to offset the VAT reduction, which lasts until the end of 2009, he says Quote Link to comment Share on other sites More sharing options...
Tony B Posted December 6, 2008 Share Posted December 6, 2008 Don't tell THEM the price has gone down, it will be the excuse to put the tax up that THEY didn't do when petrol was high because THEY thought that it would loose votes! The old saying owe the bank a £1 they'll chase you to the ends of the earth owe £2000000000000000000 and they'll do everything to help you. Whilst I'm in this mood, Steal £1 your a criminal , steal £2000000000 your a goverment. :argh: Quote Link to comment Share on other sites More sharing options...
ArtistsRifles Posted December 6, 2008 Share Posted December 6, 2008 OK, thanks for that. Now the question is, why has Petrol not gone down when VAT was reduced? Or is that a silly question............... Fuel duty was raised by 2p/litre at the same time the VAT was cut to 15%. Same old story of rip the motorist off..... Which reminds me - I read somewhere retailers were NOT obliged to pass on the cut in VAT rates, same as banks are NOT obliged to pass on the cuts in interest rates.... Quote Link to comment Share on other sites More sharing options...
Marmite!! Posted December 6, 2008 Share Posted December 6, 2008 (edited) Fuel duty was raised by 2p/litre at the same time the VAT was cut to 15%.Same old story of rip the motorist off..... Which reminds me - I read somewhere retailers were NOT obliged to pass on the cut in VAT rates, same as banks are NOT obliged to pass on the cuts in interest rates.... By law they can only charge the 15% VAT Rate.. they can of course increase the pre VAT price to keep the prices the same as before the rate cut... Edited December 7, 2008 by Marmite!! Quote Link to comment Share on other sites More sharing options...
ArtistsRifles Posted December 6, 2008 Share Posted December 6, 2008 By law they can only chare the 15% VAT Rate.. they can of cause increase the pre VAT price to keep the prices the same as before the rate cut... Exactly!!!! :argh: Quote Link to comment Share on other sites More sharing options...
Guest catweazle (Banned Member) Posted December 8, 2008 Share Posted December 8, 2008 Exactly!!!! :argh: We did just that.the work involved getting 20 odd people to change there standing order didnt bare thinking about.It would of took 6 months. Quote Link to comment Share on other sites More sharing options...
chevpol Posted December 8, 2008 Share Posted December 8, 2008 dont want to upset you all, but just seen a petrol station in Stone (staffordshire) diesel @ 99.9p a litre!!! Mark Quote Link to comment Share on other sites More sharing options...
AndyFowler Posted December 8, 2008 Share Posted December 8, 2008 I filled up at a well known Northern supermarket in Erith this morning and Diesel is 99pence a litre ! :-D Better make the most of it though I think ! Quote Link to comment Share on other sites More sharing options...
Enigma Posted December 8, 2008 Share Posted December 8, 2008 dont want to upset you all, but just seen a petrol station in Stone (staffordshire) diesel @ 99.9p a litre!!! Mark I pay 99.9 Eurocents a liter for diesel. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.