It’s been announced today that Asda has taken a dramatic move to cut prices on both diesel and petrol – reducing them to 99.9p/l. This is good news for the consumer whatever car you drive, as cheaper fuel is a benefit to all. The price cut has happened on all 176 forecourts, so it doesn’t matter where you live, you’ll still be able to get (slightly) cheaper petrol/diesel for your runaround… or your Ferrari.
Interestingly, oil prices have risen in recent months, yet we are still a long way off the $140 per barrel that was reached last year. So, what’s going on with the prices then? Well, MSNBC is reporting around $60 for a barrel of crude. There’s two problems though, as I mentioned before. The first is that OPEC controls these prices, artificially keeping demand and supply at a certain level to protect their interests (you could say they have us over a barrel – ha ha).
The other issue of course is that the cost of petrol or diesel, or rather 2/3 the cost of your chosen fuel, is made of tax, duty and more tax. Ho hum.
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