somewhatdamaged Posted September 3, 2009 Share Posted September 3, 2009 Apologies if this has been covered before, but i noticed on the way to the airport yesterday that Excellium was £1.19 a litre!! According to GMTV earlier this week, the highest price in the UK was £1.15. Why are we so much higher? Who dictates the price of fuel, and are we paying more because it's "imported" here? Link to comment Share on other sites More sharing options...
Lee54 Posted September 3, 2009 Share Posted September 3, 2009 Apologies if this has been covered before, but i noticed on the way to the airport yesterday that Excellium was £1.19 a litre!! According to GMTV earlier this week, the highest price in the UK was £1.15. Why are we so much higher? Who dictates the price of fuel, and are we paying more because it's "imported" here? And its going up again soon by 14p per gal Link to comment Share on other sites More sharing options...
andrew Posted September 3, 2009 Share Posted September 3, 2009 Read about it here: http://www.iomtoday.co.im/editorsblog/Petr...ated.5594584.jp Link to comment Share on other sites More sharing options...
BigDave Posted September 3, 2009 Share Posted September 3, 2009 The front page article in last week's independent was a little on the misleading side - they grabbed UK supermarket prices and compared them to oil company (franchise or otherwise) filling station prices on the Island so was not a like for like comparison by any means. If they'd compared Shell stations in Manchester with Shell stations on the Island the gap wouldn't have been nearly as big as they claimed. I've seen petrol prices in Scotland a good 5p higher than here even. Motorway services are also the highest you can find in mainland britain - last time I used a motorway filling station the price was bang on the same as on the Island - it's all down to a pricing decision based on the area and local competition. And its going up again soon by 14p per gal I assume you're talking about the VAT reduction coming to an end? One would hope that they take off the temporary 2p duty adjustment they put on to offset the loss in VAT revenue - but I bet they don't. Link to comment Share on other sites More sharing options...
In fact . . . Posted September 3, 2009 Share Posted September 3, 2009 The front page article in last week's independent was a little on the misleading side - they grabbed UK supermarket prices and compared them to oil company (franchise or otherwise) filling station prices on the Island so was not a like for like comparison by any means. If they'd compared Shell stations in Manchester with Shell stations on the Island the gap wouldn't have been nearly as big as they claimed. It says "average" prices - so that'll be less than Shell stations and more than supermarkets Link to comment Share on other sites More sharing options...
BigDave Posted September 3, 2009 Share Posted September 3, 2009 I was sure the print edition had quoted lowest prices not average prices, but it makes little difference - for the averages they have included supermarket outlets that pull the average price down significantly so still cannot be considered a like for like comparison as there are no supermarket filling stations here to compare with. Supermarket petrol is essentially a value added service used as a tool to increase footfall in their main shops - it's not an area they seek to maximise profits in. Link to comment Share on other sites More sharing options...
johnpdrummond Posted September 3, 2009 Share Posted September 3, 2009 are petrol prices may be a few pennies higher but are taxes are lower then the UK and stamp duty and so on, i would rather take the Pennies over thounsands or hudnreds of pounds Link to comment Share on other sites More sharing options...
manshimajin Posted September 3, 2009 Share Posted September 3, 2009 Read about it here: http://www.iomtoday.co.im/editorsblog/Petr...ated.5594584.jp and for a better breakdown of prices, this thread. It looks like fearless Richard got his staff to ring the Shetland Islands to find comparative prices for a location similar to the IOM... Excise Duty and VAT are the same here as the UK. Delivery charges and dealer margins are higher. Link to comment Share on other sites More sharing options...
MilitantDogOwner Posted September 3, 2009 Share Posted September 3, 2009 I read somewhere that almost half the price per litre over here is tax. And isn't VAT supposed to rise upto around the 20% mark this/next year? Link to comment Share on other sites More sharing options...
manshimajin Posted September 3, 2009 Share Posted September 3, 2009 I read somewhere that almost half the price per litre over here is tax. From that IOM Today thread: Using my spreadsheet I was able to calculate that to have a pump price of 114.9 ppl the product and delivery costs would be in total 43.72 ppl, VAT 14.99 ppl and Excise Duty 56.19 ppl. Thus tax in one form or another is approximately 62% of the total. The next hike is the change back to VAT at 17.5%. Then until 2013 excise duty on petrol is set to increase by 1% above inflation each year. Link to comment Share on other sites More sharing options...
Slim Posted September 3, 2009 Share Posted September 3, 2009 I read somewhere that almost half the price per litre over here is tax.And isn't VAT supposed to rise upto around the 20% mark this/next year? Back to 17.5 in January. The rest of the rises in the UK are the return of stamp duty for houses under 175k, introduction of a 50% upper rate on income tax combined with a reduction in tax relief for high earners and current discounts on business tax relief will end next year too. Could be a great year for competitive tax environments. Personally, I think increasing personal income and business taxes is silly. The UK govt clearly has to raise taxes to pay for the massive debts, but it should be killing the anti-socials with them. Raise taxes on booze, fags, petrol, etc, not areas that will damage an already weak economy. Link to comment Share on other sites More sharing options...
manshimajin Posted September 3, 2009 Share Posted September 3, 2009 Personally, I think increasing personal income and business taxes is silly. The UK govt clearly has to raise taxes to pay for the massive debts, but it should be killing the anti-socials with them. Raise taxes on booze, fags, petrol, etc, not areas that will damage an already weak economy. Slim IMO it is naive to say that increases in excise duties will not harm a weak economy. The first issue is that it does not get rid of the high running costs of the country. A sensible first step that will strengthen a weak economy is to cut out as much unecessary government/public service expenditure as is possible. This not only gets rid of burdensome costs but reduces red tape and frees up enterprise to grow with less stealth costs. Secondly if you keep on increasing excise duties there is a point at which buyer resistance cuts in and government revenue actually drops (as happened when fuel prices increased significantly in the lead in to the current financial fiasco). Governments then have to decide whether they are taxing to stop these 'anti-social' activities or in reality taxing them to raise revenue. IMO governments see 'anti social' activities as a way of raising money - not killing them off. If they kill them off most tax raising has to come from income tax... Thirdly fuel costs in particular are a core element in not only private transport but in almost every commercial activity. We have already seen in the last couple of years what economic damage is caused by a spike in fuel prices - in fact it was the thing that kick-started the economic crisis. Fuel prices shoot up suddenly, inflation shoots up, interest rates rise and suddenly individuals and businesses are in trouble. One of the few redeeming features of the present high level of government debt is that interest rates are so low. Imagine what will happen to government revenue if they go up by say 4%. For these reasons I do not envy any government the job of managing an economy with huge debts and interest payments. They are between a rock and a hard place. Increase any form of taxes and you will either slow recovery or cause inflation. Do nothing and you will not get rid of the debt. IMO this is why we will ultimately be looking at a very slow recovery accompanied by swingeing cuts in public expenditure. The UK is lucky that it does have areas that it can tackle - for example Trident, ID cards, NHS bureaucracy, overall PS numbers. But it is not going to be as simple as putting a few bob on a pack of fags. Link to comment Share on other sites More sharing options...
triskelion Posted September 3, 2009 Share Posted September 3, 2009 The first issue is that it does not get rid of the high running costs of the country. A sensible first step that will strengthen a weak economy is to cut out as much unecessary government/public service expenditure as is possible. This not only gets rid of burdensome costs but reduces red tape and frees up enterprise to grow with less stealth costs. Do you work for the IMF? Why has no major economy taken this approach? Instead they have all increased Government expenditure. Link to comment Share on other sites More sharing options...
queenie Posted September 3, 2009 Share Posted September 3, 2009 Excise duty on Fuel went up by 2p per litre on Tuesday, not including VAT http://www.telegraph.co.uk/motoring/news/6...y-increase.html Link to comment Share on other sites More sharing options...
manshimajin Posted September 3, 2009 Share Posted September 3, 2009 Do you work for the IMF? Why has no major economy taken this approach? Instead they have all increased Government expenditure. Only as a consultant.....&.......Lack of balls! Link to comment Share on other sites More sharing options...
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