Oil Prices
- Thread starter eternit
- Start date
Petrol was $1.17 at my local service station this morning, cheapest I have seen petrol for about 8-10 years.
Diesel is still $1.4X though
Petrol prices have dropped more than 20% in the last two months, however it would have been more if the dollar wasn't falling at the same time.
Watch this space....
ACCC's new powers to monitor petrol prices take effect
The Australian Competition and Consumer Commission's (ACCC) new powers to monitor petrol prices take effect today, with companies on notice they will be exposed if they are gouging consumers.
The ACCC will begin conducting its fuel price monitoring reporting quarterly rather than annually, and has the capacity to investigate specific regions of the fuel market.
Costco has opened their new service station here last week, and I filled up with diesel last week at 17 cents per litre cheaper than at my local.
And miraculously the local will match it not long after
It's been a week and they haven't yet.
It cost me 59 bucks to fill my car with diesel from dead empty, and it usually goes 3 weeks on a tank. It's been a long time since I've spent less than 20 bucks a week on fuel for the car!
And miraculously the local will match it not long after
Are you suggesting the fuel retailers have large margins in which to cut from?
Once upon a time my father used to own a number of stations, the margins on the fuel were 2-3 cents/litre at best.
It still is the case. I own and run 5 service stations across Sydney and the margins are very low on fuel. Money is made from goods sold and or mechanical workshop leased out/ute hire/trailer hire or a car wash.
As to the OP's question, no I don't trade in Oil futures.
However, our company does buy 1000's of litres of oil each year, and we are very happy to have a reduction in costs, even if it only lasts a short while.
So far it's been a saving of 29c a litre over last years highest price.
However, our company does buy 1000's of litres of oil each year, and we are very happy to have a reduction in costs, even if it only lasts a short while.
So far it's been a saving of 29c a litre over last years highest price.
Last edited:
No, I am aware that the retailers are the "meat in the sandwich" but I am also aware the suppliers have lots of fat in the prices.
We only need to compare prices in Sydney and Canberra, I have read that prices in Canberra are much higher than Sydney. If one outlet starts to sell at a cheaper price the majors will usually soon match it
In Newcastle the local paper started a campaign because local prices were 10c a litre more than Sydney and Cessnock, two weeks later they were almost the same as Sydney.
I believe the oil price is related to the warm Nthn hemisphere winter, last year was much colder by now, although winter is coldest in Feb-Mar, oil is the substantive heat source, prices rose.
This year stocks were pre-emptively built over Nthn summer, they can be seen in the height of floating tank lids at refineries all over, and the winter has not been so demanding,
Oil companies reduced orders, prices fell. If there is more than a 2 week Nthn cold snap, the extra supply will vanish and prices sky rocket, due to having to guess how long the cold will last, and obtain delivery fast
This year stocks were pre-emptively built over Nthn summer, they can be seen in the height of floating tank lids at refineries all over, and the winter has not been so demanding,
Oil companies reduced orders, prices fell. If there is more than a 2 week Nthn cold snap, the extra supply will vanish and prices sky rocket, due to having to guess how long the cold will last, and obtain delivery fast
Haven't you guys heard? The US and Saudis are conspiring to lower the oil price for the sole purpose of crippling Russia so that the people will throw Putin out
Haven't you guys heard? The US and Saudis are conspiring to lower the oil price for the sole purpose of crippling Russia so that the people will throw Putin out
I thought it was that OPEC nations are trying to kill US domestic production?
Haven't you guys heard? The US and Saudis are conspiring to lower the oil price for the sole purpose of crippling Russia so that the people will throw Putin out
Canada is one of the largest producers of oil.
What ever the reason, after last years high oil price , and fiercely cold winter...I'm happy.
I feel bad for the Russian people...but Putin brought it upon himself.
Their economy is going to hurt, but it will also have a ripple effect...so it will eventually affect all of us.
