What a surprise!! Oil companies do not reflect the oil price drop at the pump anymore. It might usually take days before seeing the impact of a sudden oil price change at the pump but the Brent Crude Oil has been around $60/bbl for weeks already. And the change has been kept to a minimum.
Let's consider again my post of the 18 October where I give my own method to link the petrol price at the pump and the oil price.
This morning I paid 94.9p/l for my petrol. The exchange rate being 1.579$/£ and oil price $59/bbl the R factor is 2.54. As explained before: The higher the ratio, the more the customer pays at pump compared to what he/she should pay based exclusively on oil price fluctuation.
On the 18th October we determined that the ratio was 2.37, which was already high compared to the 1.81 ratio of july. If the orginally high ratio of 2.37 was maintained I should have paid 88.6p./l for my petrol and under the July ratio I should have paid 67.3 p/l.
We are clearly overpaying our petrol for the moment. But because it has reached an acceptable price again people, media, politicans and media do not really care anymore. Or they don't consider that it is worth to further save the money of British citizens in this difficult recession period ahead of us.
You will not hear about high petrol price until it reaches the 100p/llimit again. And don't worrry if you pay too much just now, it is not going to change soon.
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