What are you paying for your diesel/petrol?

[CelticRambler]

I went to top-up last weekend after a relatively short excursion and found a station selling at 1.64-and-a-bit, but with a canopy height that looked a little too low for my camper, so had to settle for 1.66 a bit further down the road. BUT, that station was limiting purchases to 30€ at a time because there isn't enough water in the Rhine for the tanker barges at the moment, so that's affecting re-supply in this part of the world.

So I didn't get anywhere near a fill out of that. This weekend, I'm hoping to do 400km, and it looks like I'll be paying in the region of 1.80-1.90 for the refill.

[Hairy-Joe]

I topped up tonight. Petrol was 191.9 and diesel was 189.9 at the local petrol station in West Cork

[Frank]

They really need to do something for industry or the country halts.

[490808]

They really need to do something for industry or the country halts.

The only good thing is afaik its affecting all of Europe so no country will be specifically disadvantaged?

[765489]

Substantial fuel hikes tomorrow according to RTE.

https://www.rte.ie/news/business/2022/0 ... orecourts/

[quodec]

I topped up tonight. Petrol was 191.9 and diesel was 189.9 at the local petrol station in West Cork

Wow, that IS dear! Got diesel for the wife's car tonight in mid-Louth: 179.9 per litre. I saw 174.9 further up the road earlier but it didn't suit to pull in. I'd say that's the last we'll see of the 170s for a long time. Strange days indeed mama!!!!!

[CelticRambler]

This weekend, I'm hoping to do 400km, and it looks like I'll be paying in the region of 1.80-1.90 for the refill.

1.88. Didn't realise until later that there were some cost-price offers available locally at around 1.75, if only I'd started out in the "wrong" direction. Still, on the main roads close to the borders, the price is already hovering above and below the 2€ mark.

[Frank]

The only good thing is afaik its affecting all of Europe so no country will be specifically disadvantaged?

I’m not worried about who else is disadvantaged or not. Would losing your job feel better because people in other countries lost them too?

[Hairy-Joe]

I saw 199.9 for miles plus petrol and miles plus diesel today.

Wow

[kadman]

It was 181 for a litre of diesel in kilbeggan today.

[490808]

Paid €1.91 for petrol in Waterford today.

[765489]

A thought popped into my head last night about fuel prices, maybe someone who has a better handle on this can explain it to me.

Russia is still supplying the EU, US and Britain with oil and gas. And as far as I can make out, the same volumes as before the Russian invasion. So my question is why are prices rocketing up ? Is it the threat that supply could be cut off or is there something else that's causing the rise ?

[kadman]

Its laughable considering the amounts of oil we own around our coast, and how we gave it away to oil companies, who charge us for this privelage and then claim tax back from us. A lot of wheeler dealing went on at these times which we will never know the full story of.

https://www.thejournal.ie/how-much-is-t ... 8-Mar2012/

Successive Irish governments have adopted a relatively hands-off policy in trying to reap material benefits from any oil or gas taken from Irish waters. Under laws first introduced in 1987 and changed most recently in 2007, Ireland doesn’t take any stake in an oil venture – nor does it require any explorers to guarantee any supply to Ireland.

So, even though oil and gas would be recovered from Irish waters, there is no implicit guarantee that it could be used to offer supplies for Ireland – even though, in some cases, the rigs drilling for oil could be visible from the Irish mainland. There is, also, no guarantee that the oil being harvested from Ireland could be sold back to Ireland at a discounted rate.
Sliding tax rate

Instead, the government’s sole revenue is through corporation tax – where the State takes a 25 per cent cut of the profits made from the extraction of natural resources within its territory.

This rate can get higher in line with the company’s profits: once the profit is 1.5 times larger than the money spent on extracting it, the tax rate gets higher – up to a ceiling of 40 per cent, once the ratio hits 4.5:1.

Even still, this rate is among the lower rates of any country in the world – other territories with a better track record in securing oil levy a higher tax rate. Norway’s tax, for example, is 75 per cent. The UK’s is just above 50 per cent.

In exchange for this tax rate, the Irish government effectively signs over the ownership of the oil or gas – content to allow a private company do the hard work of extracting the materials, and simply taking a larger cut of the profits when the process is complete.

The difficulty in trying to ascertain where Ireland’s sliding tax scale would kick in for Barryroe, or anywhere else, is simply that no exploration operations have yet begun since the current tax regime came in. Extraction of gas at Kinsale took place under the previous tax regime in the 1970s.

William Hederman, a journalist who maintains the Irish Oil and Gas blog, fears the open-ended nature of the tax laws – which allow companies to deduct their exploration and development costs from their tax bill – could mean a smaller tax take than we might hope.

“That can include costs going back 25 years before a field goes into production,” he says. “It could include other unsuccessful wells drilled. They can write off the costs of other wells drilled in Irish waters.”
The taxman cometh

Not only that, but the fact that most companies drilling in Ireland have larger operations abroad – and are more likely to bring those staff to Ireland instead of hiring locals – means it’s possible that companies could claim tax refunds for cash spent abroad

[CelticRambler]

A thought popped into my head last night about fuel prices, maybe someone who has a better handle on this can explain it to me.

Russia is still supplying the EU, US and Britain with oil and gas. And as far as I can make out, the same volumes as before the Russian invasion. So my question is why are prices rocketing up ? Is it the threat that supply could be cut off or is there something else that's causing the rise ?

It's the middle men and the hedge fund managers and miscellaneous other speculators. As humble end-of-the-line consumers, the price we pay at the pump isn't directly linked to the volumes coming out of the ground on any particular day but what institutional gamblers with deep pockets think they can earn from a barrel when they sell it at some point in the future. Right now, they're all expecting the supply to be cut off, so they want to get as many giant tankers filled up as soon as possible, so they can flog it to us at three times the current price just before Vlad pushes the Big Red Button.

[quodec]

It's the middle men and the hedge fund managers and miscellaneous other speculators. As humble end-of-the-line consumers, the price we pay at the pump isn't directly linked to the volumes coming out of the ground on any particular day but what institutional gamblers with deep pockets think they can earn from a barrel when they sell it at some point in the future. Right now, they're all expecting the supply to be cut off, so they want to get as many giant tankers filled up as soon as possible, so they can flog it to us at three times the current price just before Vlad pushes the Big Red Button.

Well, whatever about the Big Red Button, what happens if he pre-emps Europe's weaning off period and shuts the oil and gas supply in the very near future - leaving much of Europe with no supply and no doubt reverberations reaching us in due course. Putin has several strings to his leverage bow unfortunately and, if military success begins to slip, he could very well use the oil/gas button first!

[quodec]

Driving into Dundalk this evening and at one filling station two grades of diesel were at 210 and 212 per litre respectively!!

[CelticRambler]

Well, whatever about the Big Red Button, what happens if he pre-emps Europe's weaning off period and shuts the oil and gas supply in the very near future - leaving much of Europe with no supply and no doubt reverberations reaching us in due course. Putin has several strings to his leverage bow unfortunately and, if military success begins to slip, he could very well use the oil/gas button first!

There was a discussion about the gas part of this equation this morning on French radio, during which it was pointed out that there's enough gas in the reserve tanks to meet three months' demand, at least for us here in France. That's definitely not the case in the UK (coz the Tories don't believe in forward planning ... ) but if the situation is similar across most of the rest of continental Europe, then that gives time for other suppliers - i.e. the US and the Middle East to increase their output.

There's also the challenge for Putin (as discussed previously on the other thread) that he needs the revenue; if he turns off the taps to Europe, then he gives his golden goose to the Chinese.

[quodec]

The Government is looking to enable legislation to reduce excise for petrol and diesel by 15-20 cents to try and alleviate the rising costs.
All I can say is 20c has gone on diesel at my local over the weekend alone!!!! Pi**ing against the wind it is, compared to what's going on out there. Lets call a spade a spade; what's going on is at the forecourts is price gouging, pure and simple!

[490808]

^^^^
LinkGovernment excise duty cuts to reduce petrol and diesel cost by 15 to 20c

Don't see it helping that much and just leaves room for more gouging. If the public will pay the higher price why will forecourts rush to reduce prices if the taxes come down?

[765489]

Is there not a carbon tax going to be added to petrol and diesel later this year too ? Surely that needs to be postponed at this stage.

[490808]

Cabinet sign off on cut of 20c per litre on petrol and 15c on diesel

If nothing else good to see some parity being brought back to the pricing of petrol compared to diesel.

[kadman]

Cabinet sign off on cut of 20c per litre on petrol and 15c on diesel

If nothing else good to see some parity being brought back to the pricing of petrol compared to diesel.

In reality a lot of climate change targets should be put off at the moment. I am sure all these bombs are not helping the planet.
Its a farsicle exercise to have bombs going off in europe, and the rest of europe legislating for climate change measures

[Hairy-Joe]

Well, looks like the 20c a litre has been eaten by price increases. How much of the sudden day rise was a genuine wholesale rise or price gouging?

[490808]

Price gouging. I'm not saying garages always do it but in the current price confusion I'm sure plenty are.

[quodec]

1.79 for diesel at Tesco/Certa in Dundalk. Huge queues!!!