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Thread: Petrol prices - Interesting read

  
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    Petrol prices - Interesting read

    http://www.petrolprices.com/blog/pet...-stop-121.html

    In July 2008 we saw petrol hit a massive 119.7p. Back then, one British Pound would buy you two US Dollars. Today we expect the average price of one litre of Unleaded to have hit £1.20 (if you round it to two decimal places it's actually already happened but to be precise it was 119.96p yesterday) and today's figures will be available tomorrow around 12pm.

    During the financial crisis and the UK has faired a lot worse with our currency weakening so much that today you can only get one and a half US dollars for every pound.

    This more than any other factor has caused higher pump prices over the past few years. We have seen fuel duty rises too but the impact of the exchange rate has been the single largest cause of rising pump prices lately.

    The second biggest culprit is oil prices and things are looking set to get worse with them starting to rise again and with Brent Crude at around 86$ a barrel an 18 month high.

    Because the exchange rate is so important, the biggest threat to the price we pay at the pumps in the short term is actually what the financial markets make of the election. If they are worried about a hung parliament or the plans to reduce the deficit then the UK could have its credit rating downgraded.

    Were this to happen and the UK to lose its coveted AAA credit rating, then the money we are borrowing as a country will be seen as higher risk and the value of the pound in our pockets could plummet to new lows.

    With the price of oil on the rise as well we could even see the prices at the pumps hitting a massive £1.50 this summer!

    So we wanted to ask our members how is this affecting your lives? Does it feel worse now compared to July 2008? Are you driving less? Are you getting used to higher prices? Have you lost your job because of rising prices? Please tell us your experiences below.
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    It angers me to think they can just raise prices when/how they wish.

    They have tax implications on so many things its amazing.

    But hey thats life in the UK i guess. No matter what price they get to ill still be buying fuel

    Im driving less this year but thats not due to petrol prices.
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    thats just it, so many people need to buy fuel to go out and work and earn money, they know that whatever increase they put on it we'll still have to buy it. the truckers need to go and block off the refineries again.

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    Quote Originally Posted by b1988m View Post
    thats just it, so many people need to buy fuel to go out and work and earn money, they know that whatever increase they put on it we'll still have to buy it. the truckers need to go and block off the refineries again.
    That would be so funny

    Does anyone think they will keep rising ? Surely it cant ?
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    It can and quite possibly will! At the end of the day they know they have us by the gonads as we need fuel! People may drive less but will always drive. The worst sufferers will probably be haulage and courier companies so it should be in the interest of the government to manage the prices better as we should be ensuring that all regions of business are expanding and showing growth. Time will tell, not sure we will hit £1.50 a litre at the pumps but I can see it rising another 10p or so yet if things don't change quickly!
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    Saw it locally here on Saturday at 121.9/litre for Unleaded/Diesel in several filling stations.
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    Its 120.9 down my way, it seems I stick 20 quid in and its gone the next day :\
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    highest here is 124.9, rip off bp though.

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    was 1.19 around here for the past few weeks but hit 1.20 today

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    When I worked in Dublin city there used to be a garage the would charge over €2.20 a liter,, can you imagine having to pay over 100 just to fill your tank??
    Work was manic now my brain is fried!!

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