SLASH PETROL PRICES
As BP profits rocket, it's time to slash petrol prices
Wednesday October 29,2008
OIL giant BP last night faced angry calls to slash fuel prices by 10p a litre after revealing it made a staggering £6.4billion profit in just three months.
The £70million-a-day windfall came partly because of the same soaring oil costs which caused pain at the pumps for millions of drivers. The vast profits sparked a furious response from motoring groups.
RAC spokesman John Franklin said: “It seems like just another kick in the teeth for motorists who have seen sky-high prices for the past year.
“We certainly feel that there is justification for pump prices to be cut by 10p looking at the amount of excessive profit BP have made.”
The RAC wants BP’s average price cut to just under 90p a litre for unleaded.
Average pump prices at the company’s 320 filling stations yesterday were 99.9p a litre for unleaded and 112.9p for diesel.
Those are higher than the UK national average of 98.57p for unleaded and 111.08p for diesel.
The Daily Express has been leading a crusade to persuade retailers to pass on the recent big falls in the price of oil to customers.
Lorry drivers also called yesterday for prices to be cut. Roger King, chief executive of the Road Haulage Association, said: “The haulage sector still is extremely angry that we are paying so much more for diesel than petrol.
“We would like to see diesel come down by 10 pence a litre.”
BP’s July to September profits leapt 148 per cent compared with the same period last year, prompting claims of “obscene profiteering” from the Unite union.
Tony Woodley, joint general secretary, said: “Struggling, worried families will have every right to feel angry.”
Crude oil surged above 147 dollars a barrel in mid-July, pushing UK pump prices to a record high.
And BP chief executive Tony Hayward enraged drivers by admitting: “Although it has since fallen away sharply, the high oil price of the third quarter obviously helped our result.”
The firm’s oil was selling for an average of 111 dollars a barrel between July and September, more than double its price the same time last year.
Its cheapest pump prices yesterday were 95.9p a litre for unleaded and 108.9p for diesel.
Those are higher than the cheapest supermarket fuel at 94.9p for unleaded and 106.9p for diesel.
Shadow Chancellor George Osborne said: “BP have absolutely no excuse for not passing on any fuel price falls to customers. It would be a scandal if they do not.”
Liberal Democrat energy spokesman Steve Webb said: “These huge profits will be a bitter pill to swallow for families struggling with rising fuel bills.”
And Gordon Brown urged gas, electricity and petrol firms to pass on falling wholesale costs to households.
BP says it makes very little profit on UK petrol sales, with the bulk of its global income coming from crude oil sales.
BP last night said its UK including petrol sales, lost £91million between July and September.
Industry body Oil and Gas UK hit back at calls for a windfall tax on profits.
Chief executive Malcolm Webb said: “With tax rates of 50 to 75 per cent, the Government is already the single biggest beneficiary from the UK’s North Sea oil industry. Calls for a windfall tax are thoroughly misguided.”
But around the country drivers voiced their fury.
Jennifer Arnold, a 33-year-old nurse from Swindon, said: “While I have been struggling, BP has been raking it in.”
Martin Robinson, 44, a teacher from Harlow, said: “These profits are obscene.”
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WHY!
13.11.08, 5:44pm
Could someone please tell me "WHY" diesel costs more than petrol, yet it is the waste product of Petrol. Or is it just the fact this Government just put the taxes more than petrol just for the sake of it.
As stated as it is a waste product of petrol then like off olden days you filled up with diesel like 10p a "GALLEON".
Posted by: argospete Report Comment
WHY!
13.11.08, 5:44pm
Could someone please tell me "WHY" diesel costs more than petrol, yet it is the waste product of Petrol. Or is it just the fact this Government just put the taxes more than petrol just for the sake of it.
As stated as it is a waste product of petrol then like off olden days you filled up with diesel like 10p a "GALLEON".
Posted by: argospete Report Comment
WHY BLAME THE OIL COMPANIES
12.11.08, 10:10am
The high price of fuel in this country is not the fault of the oil companies, but the amount of fuel duty that the government extracts. Brown has consistantly tried to blame the oil companies, while taking none of the blame. I don't understand why we British do not see that it is the government that is keeping up the cost of fuel
Posted by: billmcknight Report Comment
PETROL PRICES
07.11.08, 4:08pm
the daily express has done a great job on the petrol rip-off, since brown and darling have expressed a desire to help all the people that are hurting, will the daily express mount a campaign to abolish or suspend the imminent
road duty charges that are comin g in shortly.
thanks mainsewer
Posted by: mainsewer Report Comment
OIL BARONS GREED
05.11.08, 9:20pm
Pass on these cuts now. Cheaper oil per barrel should equate to cheaper fuel at the pump forecourts.
Labour also urgently need to reduce the high tax duty in order to get GB Ltd back on track.
Posted by: sharman Report Comment
'PILING ON THE AGONY'
04.11.08, 2:21pm
Why should anyone expect these money grubbing charlatans to pass on these reductions,when they know full well that, just like we do with this rotten,totally corrupt shower of **** in Parliament ,we will passively accept all the crap that they continue to throw at us.
Can anyone imagine the French would putting up with it ?
Posted by: johnathon Report Comment
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