Oil falls below US $50.00

**buggerlugs** · 21-11-2008, 10:04 AM

http://www.news.com.au/business/stor...-31037,00.html
And I'm still paying $1.36 for diesel. Not happy Jan.................

charles_wif_xf · 21-11-2008, 10:13 AM

Sub $1 fuel here we come...

But at the same time, so goes the incentive for research and effort into ending our dependance on oil.

Daymoe · 21-11-2008, 11:45 AM

Please don't fall any further, now big cars are going to go up in price :'(

XR4568 · 21-11-2008, 01:31 PM

Quote:

Originally Posted by Daymoe

Please don't fall any further, now big cars are going to go up in price :'(

Not with the economy the way it is they won't.

GS608 · 21-11-2008, 03:34 PM

looks like i'll be able to go cruising alot during the xmas hols WOOHOO

**Falcon Coupe** · 21-11-2008, 03:39 PM

Half what it was but price does not reflect it, we are still being ripped off.

King Nothing · 21-11-2008, 03:40 PM

Half? More like a third now.

XWGT · 21-11-2008, 03:41 PM

Handy index chart

http://www.aip.com.au/pricing/marketwatch.htm

Diesel is in fact moving much more slowly than unleaded

joolz · 21-11-2008, 04:11 PM

So its gone from the highs of $154 per barrel in June ($1.70 p/ltr at pump) to the current $50 (drop of 67.5%) per barrel and $1.24 p/ltr (drop of 27%)at the pump. I understand that the $AU has dropped around 30cents since then but we are still getting ripped at the pump.

Auslandau · 21-11-2008, 04:47 PM

67% drop in price per barrel and 35% drop in AU$ ........ someone's making some serious $$

| [/url] |

**kypez** · 21-11-2008, 05:29 PM

if only our dollar was at its june high and petrol was at the current rate... back to the 60cents a litre days...

Supercharged · 21-11-2008, 05:33 PM

If fuel does drop below one dollar a litre what happens to the Holden 99 cents a litre offer, if it drops below 99 cents then do the Holden people still pay at 99 cents a litre, sure takes the sting out of their offer, noticed it isn't being advertised at the moment, also makes the $2000.00 free fuel card with some Ford models way better now.

Mr Hardware · 21-11-2008, 05:45 PM

No FG Turbo Ute, it's just means that there's no benefit to Holden's program.

also

Quote:

Originally Posted by XWGT

Diesel is in fact moving much more slowly than unleaded

Diesels are always slower! Hahaha

sgt_doofey · 21-11-2008, 06:07 PM

Quote:

Originally Posted by Mr Hardware

Diesels are always slower! Hahaha

I disagree. Try driving a new common-rail turbo diesel. You'd be surprised! :P
Having 320Nm of torque on tap from as low as 1800rpm is wonderful.

Why is it that that unleaded has dropped a massive amount but diesel hasn't? At one stage there, diesel was just as, if not, in some cases, cheaper than unleaded at the bowser. Now we're seeing a 30c/L price difference again? What gives?

dandaman · 21-11-2008, 06:22 PM

I guess it's safe to say holdens 99 cent fuel offer is now scrapped?

* sorry for the repost above

MITCHAY · 21-11-2008, 06:57 PM

I filled up with BP Ultimate today at $1.23/lt. The cheapest it's been since I bought my car!

**buggerlugs** · 21-11-2008, 06:58 PM

It doesn't seem to matter how much noise the public make, it's only crawling down in price. But if the price of oil goes up, the oil companies dont muck around putting the price up straight away. Still not happy Jan...........

SM1DY · 21-11-2008, 08:04 PM

Praise the lord, keep some money in the kitty!

joolz · 21-11-2008, 08:33 PM

I forgot to mention before that even if the $AU dropped to 50cents oil would only be $US 100 per barrel so again we are being ripped hard at the pumps. Maybe Holden saw this coming and succesfully conned hundreds into the 99c cap to no real benefit to the buyer at all!!!

phillyc · 21-11-2008, 10:43 PM

Just remember that about 60c of the price of a litre of petrol is taxes / excise. This doesn't drop just because the price of oil does. Only the GST does, albeit by about 5c based on a 50c fall.

So at 160cpl, 60cpl was tax. 100cpl was the oil price and profit.

When the dollar was at US98c and the barrell was $155USD it equated to $160AUD. Now it is $50USD barrell & US63c which equals $80AUD.

If $160AUD equalled 100cpl, then $80AUD equals 50cpl.

Add back in the tax and the new amount is 105cpl even including the original profit margin.

Consider that petrol is now at 116cpl, the companies are making an extra 10cpl on top of their previous price. So, yes we are being ripped off.

NB The barrell price isn't how our prices are determined either. It comes from the Singaporean MoGas price. The barrell of crude merely is the floor /bottom price that can be achieved before refining costs.

chevypower · 22-11-2008, 10:04 AM

Quote:

Originally Posted by kypez

if only our dollar was at its june high and petrol was at the current rate... back to the 60cents a litre days...

It should be about 70-80c per litre right now in Oz if US$1 = AUD$1 given the higher tax on fuel in Oz.

**Stav** · 22-11-2008, 10:14 AM

Quote:

Originally Posted by chevypower

It should be about 70-80c per litre right now in Oz if US$1 = AUD$1 given the higher tax on fuel in Oz.

Exactly !!!

OzJavelin · 22-11-2008, 10:17 AM

.. and I went to all the effort of buying a motorbike to save money! :(

Oh well, I'll just keep driving around in the V8s instead

wodahs · 22-11-2008, 12:52 PM

the fuel group always have reasons justifying the price of fuel and keep it up , would have thought they would have jacked the barrel price up after the hijack of that oil tanker
but interesting that even with a low dollar of aprox .55 to the us in 2001 and a barrel price of aprox $40 all not that far from now and we were only paying around 80 to 90c a litre , and yet we are still paying around 35 to 40 cents more than that now
http://theoilfiles.blogspot.com/2006...8-to-2006.html
http://www.x-rates.com/cgi-bin/hlookup.cgi

**kypez** · 22-11-2008, 03:42 PM

Quote:

Originally Posted by chevypower

It should be about 70-80c per litre right now in Oz if US$1 = AUD$1 given the higher tax on fuel in Oz.

yes, true... a bit of an exaggeration at my end... duly noted...

phillyc · 22-11-2008, 08:32 PM

Quote:

Originally Posted by wodahs

the fuel group always have reasons justifying the price of fuel and keep it up , would have thought they would have jacked the barrel price up after the hijack of that oil tanker
but interesting that even with a low dollar of aprox .55 to the us in 2001 and a barrel price of aprox $40 all not that far from now and we were only paying around 80 to 90c a litre , and yet we are still paying around 35 to 40 cents more than that now
http://theoilfiles.blogspot.com/2006...8-to-2006.html
http://www.x-rates.com/cgi-bin/hlookup.cgi

What year did Howard can the automatic CPI tax increases on petrol?

PS The fact that the markets didn't automatically go up after the 2M barrell supertanker got hijacked shows how poor the market perception (recession et al) is at the moment.