price of OIL

techtrader


Joined: 06/08/2008
Posts: 126

Message Posted:
16/09/2008 16:04

...down 37% from early July yet all we have had is a pathetic 10kurus reduction after countless increases.

Also small reduction after incredible increase in electric prices what a joke!



About time we did something about the disgraceful way we are treated on this island !!!!!!!!!

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
16/09/2008 16:29

Unfortunately fear is the greatest obstacle about doing something. This forum is an example where people are too scared to name & shame. Can't blame them when I read about the British couple arrested on their arrival at Ercan (and he gets banged up for 3 days) after their builder makes a malicious complaint of petty theft against them.

techtrader


Joined: 06/08/2008
Posts: 126

Message Posted:
16/09/2008 16:41

Yes I agree not just talking expats though surely locals are affected in the same way, where I work the Cyps seem to accept anything that happens to them and I dont understand their reticence!



Wake up!!!!!!!!!

kibsolar


Joined: 14/09/2008
Posts: 552

Message Posted:
16/09/2008 16:42

you can check fuel price daily on live NYMEX chart here:

http://www.personngroup.com/x/cyprussunenergy/news.html

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
16/09/2008 16:47

tech trader..When it dropped to £1.30 ltr oil was $130 a barrel.oil now$96 abarrel we are paying £1.12 petrol .£1.23 for diesil. It seems like we are all being had....

techtrader


Joined: 06/08/2008
Posts: 126

Message Posted:
16/09/2008 16:50

indeed to some extent i agree but at least in the UK the cartels are broken by supermarkets etc so you have choice and no doubt someone out there will go cheaper



wont happen here

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
16/09/2008 19:21

tech trader.. it was the supermarkets who forced the refining people to drop there price last time but i think there should be at least a 20p altr drop to bring it line with cost of oil...

McSteviet



Joined: 11/05/2007
Posts: 1089

Message Posted:
17/09/2008 09:12

Just wait for the next quarterly figures of the oil company profits, that will tell you a story, I think we are all reading now.



MC

Perry


Joined: 27/01/2007
Posts: 413

Message Posted:
17/09/2008 09:19

Oil dropped to $90 yesterday. In the UK it is still 111p / litre for unleaded. Gas / Electric remain as high - It is not just TRNC, it is everwhere.

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
17/09/2008 10:25

We are still paying £1.23 per litre for diesel and world oil prices have dropped to USD 87 per

barrel.



When it was USD 150 dpb we were paying £1.29 per litre.



So it isnt just in the TRNC.



These were supermarket prices in NE England



wyn

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
17/09/2008 10:52

Rip off UK again!

wearytravellers



Joined: 27/04/2007
Posts: 250

Message Posted:
17/09/2008 11:28

come come now, I know that Oil prices are dropping however, you must remember Fuel is a commodity and prices fluctuate daily. Most end users who regularly buy fuels depend on Oil Brokers to hedge the price for them that means buying at a future price calculated on all sorts of things. However, it is risky. To top that retailers would buy their stocks at a pre determined buying price, and eventually the selling price is displayed on the forecourt, only when those stocks at the pump are sold can the price go up or down depending on the cost of the stock. Many retailers put prices up as soon as oil goes up even though they have old stock bought at a cheper price.....this practice is a rip off.



Let me give you an example of MARINE industry,

A couple of weeks ago I had to buy 1800 m3 of Marine Gas Oil the price quoted was 1163 USD per ton. However, I kept my eye on platts (the daily oil price advisor) every day and when I thought the time was right I placed my order at 942 USD per ton a saving of 398,000 USD. I have not taken delivery of my Fuel yet but , the price of Oil has dropped further and unfortunately I have to pay at my original contracted price of 942 USD per ton. Same scenario applies to retailers of Petrol and Diesel. That my dear friends is why our fuel prices are high. However, when retailers buy new stocks at lower prices they don't pass the saving to the customers, they just have bigger profits !!!!

kibsolar


Joined: 14/09/2008
Posts: 552

Message Posted:
17/09/2008 16:14

hear hear...

true said

techtrader


Joined: 06/08/2008
Posts: 126

Message Posted:
17/09/2008 17:02

when oil was rising and making all the headlines it gave the oil companies good reason and a great excuse to rise prices (whether they had hedged or not)

my argument is that they are totally unwilling to reduce prices at the same speed when the less newsworthy price drop in oil occurs (as it has)

they wait to see if a price drop sticks but when the price is rising they fall over themselves at the forecourt to increase the price.

my biggest fear is that with so few players in the NC oil market will we see any incremental price drop or will they be 'lazy' and reap the profits, I know what my guess is!!

does anyone on the island know a petrol station that is selling euro 95 at less than 2.25?? (and i mean the price on the pump!!!!!!!!!!!!!)

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
17/09/2008 18:28

hi all ..In the paper this morning the A.A.and several European Driving organisations are protesting at the cost of fuel at the pumps.As has been previously stated the push the price up at the blink of aneye,bring it down,thats another matter.The motoring organisations say there should be an immediate reduction of 8p alitre.I personally think it should be double that....

Turbo


Joined: 24/12/2006
Posts: 833

Message Posted:
31/10/2008 03:50

How are the prices now? the barrel cost is down by 60% the pumps should reflect that.

Here in the states our prices have dropped from $4.80 to $2.29 a US gallon in the last 4-5 months.

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
31/10/2008 06:11

Techtrader,



The price of fuel at the pumps is set by the Government here... I like this because it means I never need to go hunting for a bargain in the TRNC.



The downside is that it's them who need to reduce the prices... and as they are strapped for cash it's not such a simple decision. Although we can all see the injustice of the current high prices remaining in place... they have reasons for being slow to react.

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
31/10/2008 11:55

groucho ..Its the same here. government makes noises about reducing fuel and energy prices an does nothing about it, simply because they get less revenue in taxation from the sales.Its in the fuel companies interest to keep the prices high as they can, cos theres more profit in it for them.I can see OPEC making further reductions in output shortly cos the price has not gone up as they had hoped in fact todays price is down to $61pbl.but still 95p/ltrat the pumps.

colly


Joined: 31/07/2008
Posts: 297

Message Posted:
31/10/2008 14:05

That would work out about right then. We have to remember that in the UK 68p is tax and so fixed. At 95p you are paying 27p ltr for the fuel.

Col

colly


Joined: 31/07/2008
Posts: 297

Message Posted:
31/10/2008 14:07

http://www.petrolprices.com/price-of-petrol.html