Fuel price increases!!

[petecossie]

The fuel companies are really taking the mickey out of car/vehicle owners with the all this huge price increases.

If you Google where does UK get most of its crude oil supplies from see what comes up below :-

Main Suppliers
In 2024, the UK imported around 41.9 million metric tons of crude oil and natural gas liquids, with the United States supplying 16.2 million metric tons, making it the largest single source. Other significant suppliers included Norway, Libya, and Nigeria, reflecting a mix of North American, European, and African sources. By 2025, trade data shows the UK imported crude petroleum worth £7.53 billion from Norway and £5.53 billion from the United States, followed by Libya, Algeria, and Kazakhstan.

Domestic Production vs Imports
The UK still produces oil from the North Sea, but production has declined steadily. In 2024, UK oil production was 653,000 barrels per day, the lowest since offshore reservoirs were discovered, and further declines are expected as North Sea platforms are decommissioned. This decline increases reliance on imports to meet domestic demand.


Regional Context
While the UK imports some oil from the Middle East, it forms only a modest share of total imports. Most oil comes from nearby or politically stable countries, which helps reduce exposure to geopolitical risks. Norway is a major supplier, particularly for natural gas, but the U.S. remains the dominant oil exporter to the UK.

Summary
The UK’s oil import strategy relies on a combination of North American, European, and African sources, with the United States as the top supplier, followed by Norway, Libya, and Nigeria. Domestic production continues to decline, making imports increasingly important for energy security.

So absolutely minimum if any from Middle East.

The crude that was imported (locally on Teesside it comes through a pipeline from Norway's oil fields via the Seal Sands tank farm) was probably purchased many weeks (maybe months ago) and the fuels petrol, diesel etc was probably processed weeks ago.
So question is how do they justify price increase so quickly when they haven't even bought any crude at these new prices yet!! None of it has come through the Straits of Hormuz.
Locally I filled my wife's Golf GTD with diesel yesterday price with price increased from 139.5 last week to 155.9, and I don't think there has been a tanker to my filling station to replenish the storage tanks this week. How do the oil companies justify this.
How quickly will the prices drop back when crude oil rates drop.

 

[andyglym]

The fuel companies are really taking the mickey out of car/vehicle owners with the all this huge price increases.

If you Google where does UK get most of its crude oil supplies from see what comes up below :-

Main Suppliers
In 2024, the UK imported around 41.9 million metric tons of crude oil and natural gas liquids, with the United States supplying 16.2 million metric tons, making it the largest single source. Other significant suppliers included Norway, Libya, and Nigeria, reflecting a mix of North American, European, and African sources. By 2025, trade data shows the UK imported crude petroleum worth £7.53 billion from Norway and £5.53 billion from the United States, followed by Libya, Algeria, and Kazakhstan.
Domestic Production vs Imports
The UK still produces oil from the North Sea, but production has declined steadily. In 2024, UK oil production was 653,000 barrels per day, the lowest since offshore reservoirs were discovered, and further declines are expected as North Sea platforms are decommissioned. This decline increases reliance on imports to meet domestic demand.
Regional Context
While the UK imports some oil from the Middle East, it forms only a modest share of total imports. Most oil comes from nearby or politically stable countries, which helps reduce exposure to geopolitical risks. Norway is a major supplier, particularly for natural gas, but the U.S. remains the dominant oil exporter to the UK.
Summary
The UK’s oil import strategy relies on a combination of North American, European, and African sources, with the United States as the top supplier, followed by Norway, Libya, and Nigeria. Domestic production continues to decline, making imports increasingly important for energy security.

So absolutely minimum if any from Middle East.

The crude that was imported (locally on Teesside it comes through a pipeline from Norway's oil fields via the Seal Sands tank farm) was probably purchased many weeks (maybe months ago) and the fuels petrol, diesel etc was probably processed weeks ago.
So question is how do they justify price increase so quickly when they haven't even bought any crude at these new prices yet!! None of it has come through the Straits of Hormuz.
Locally I filled my wife's Golf GTD with diesel yesterday price with price increased from 139.5 last week to 155.9, and I don't think there has been a tanker to my filling station to replenish the storage tanks this week. How do the oil companies justify this.
How quickly will the prices drop back when crude oil rates drop.

Nothing more than racketeering in my view. An absolute scandal.

 

[Pond]

It is nationwide profiteering by the wholesalers and retailers. They are one big cartel, so are all in on it.
Profiteering is illegal in the UK, so where are the arrest warrants? Nowhere, cos it is almost impossible to prove.

The US hit Iran on Friday 27th February. On Sunday 1st March my local Sainsbury's fuel station increased their prices. Now that was incredibly quick!
They have since increased prices at least 5 times.

This is the problem with so many 'essentials' we buy every day being at the mercy of 'markets'. Investors and 'bankers' are dictating what we pay for too much stuff.

I am really glad I moved from a house which is heated by kerosene, though. The prices of that are absolutely scandalous. Prices have almost trebled in two weeks!

My only hope is that my pension funds are partly investing in fossil fuel. I bet they are not, though!

 

[Stevo7682]

I filled my Superb at my local Jet last Monday £1.389
Topped tank last Friday £1.419
Topped up today £1.639 ouch!

Stephen.

 

[Lulubell]

People living rural who rely on fuel heating oil , it gone up from 55p a ltr to £1.55 at some places !! plus it’s not regulated .
You got to pre order this with a minimum of 500Ltr ..
Just evil !!

https://www.moneysavingexpert.com/news/2026/03/heating-oil-lpg-dossier-government/

 

[Stevo7682]

Sounds about right.
That would affect a good few people around here once out the town no gas connection so oil fill would be common.
Stephen.

 

[Pond]

Sounds about right.
That would affect a good few people around here once out the town no gas connection so oil fill would be common.
Stephen.

Then when you have paid all your income on heating oil, the 'do as you likeys' will steal it. Very common around here as soon as it's worth money.
Impossible to 'thief proof' a plastic heating oil storage tank.

 

[the Nefyn cat]

Impossible to 'thief proof' a plastic heating oil storage tank.

Meanwhile, out in the wild Welsh countryside...

 

[elevensies]

motorway service stations are now at 1.90 for diesel....we buy it because we have to, and thats why we are stuck...do as the french do in cases like this, but sadly the sheep only follow the master, and the dog is there to control.
i actually want to leave this country before its too late, many of my old (work) mates have left already, hmmm

 

[Duncodin]

. . .
. . .
My only hope is that my pension funds are partly investing in fossil fuel. I bet they are not, though!

My private pension is just in a low risk cash-like fund just about keeping up with inflation - I'm too close to needing it to take the risk on investments now - so up/down of oil prices doesn't affect me (much)

But, hey, I got my new tax code this morning - CK3. I never heard of that one before. Seems my state pension is now above the Personal Allowance (tax free threshold) so I'm officially paying tax on my OAP pension

 

[the Nefyn cat]

so I'm officially paying tax on my OAP pension

Don't worry, they need the money.It'll be spent wisely.

Foreign Office to review Mandelson's US ambassador pay-off

No 10 sources have called for Mandelson to return the money or give it to a charity that supports victims.

www.bbc.co.uk

 

[Pond]

But, hey, I got my new tax code this morning - CK3. I never heard of that one before. Seems my state pension is now above the Personal Allowance (tax free threshold) so I'm officially paying tax on my OAP pension

Indeed. Another stealthy tax rise by keeping the free-pay limit pegged for years.
I did a rough calculation a while ago, taking into account what I do and how I spend. Our annual tax in our house is around 55% of our total income and both of us are basic rate tax payers. And I probably forgot, or don't know about, some taxes.

I just bought new carpets for our house. I am going to claim 100% against tax and claim the VAT back. I am VAT registered and work from home. Sod 'em.

 

[the Nefyn cat]

Nobody allows for the BMW tax. Now, they are stealthy bu**ers.

 

[Pingu]

If you read up on this stuff, you will realise that oil is a globally traded commodity. The price of oil is set on the international market. It doesn't matter where it comes from, it costs the same.

We may get oil from places that aren't north of the Straits of Hormuz, but the price is set based on the future price of ALL oil.

Future predicted price determines the price of currently traded oil.

The real profiteers are the Treasury. Around 60p in duty, and 20% VAT on the whole cost, including that duty. The price would be around £1 per litre if the oil companies gave their oil away.

If you bought bolts at £1 each, but knew the next batch would cost £3 each, would you continue to sell the original batch for £1.50. No, because that would mean you wouldn't have enough cash to buy the next batch. Oil is no different. You may say, I'd buy my bolts from somewhere else. With oil, you can't. The price is the price - take it, or leave it.

The real profiteering from the oil companies is when the future price is low, but they sell the current batch at the high price. People don't notice because prices rise fast, but fall slow. International oil price will rocket to $200, but will fall slowly back to $75.

 

[Pingu]

My private pension is just in a low risk cash-like fund just about keeping up with inflation - I'm too close to needing it to take the risk on investments now - so up/down of oil prices doesn't affect me (much)

But, hey, I got my new tax code this morning - CK3. I never heard of that one before. Seems my state pension is now above the Personal Allowance (tax free threshold) so I'm officially paying tax on my OAP pension

I'd be curious to know - do they take a bit off your state pension, and the full 20% of your private?

 

[Pingu]

Then when you have paid all your income on heating oil, the 'do as you likeys' will steal it. Very common around here as soon as it's worth money.
Impossible to 'thief proof' a plastic heating oil storage tank.

A family in Northern Ireland had their main feed cut and most of the tank-load stolen, but the remainder went into the house, and may have written the house off.

 

[Duncodin]

I'd be curious to know - do they take a bit off your state pension, and the full 20% of your private?

So far all state pensions are paid gross (no tax deducted). They've sent the tax code to the private pension so the private pension company would now deduct that extra bit of tax from any payouts they make.

In my case I haven't started taking my private pension yet and don't plan on doing so for another year or so. So I don't know if that unpaid tax will accumulate ?

But I'd be interested to know what will happen to the many pensioners who's sole income is the state pension which is always paid gross - will they get sent a tax bill?

If the the gov't intend to hold the personal allowance where it is and the triple lock keeps increasing pensions then I suspect they'll start deducting tax from pensions rather than paying gross.

 

[Z Victor 1]

 

[NeRo]

I just got a letter from HMRC ...

State Pension £12536
Allowance £12570

So once you earn over £34 you could be liable for Tax ~ mine comes out of my company pension
ISA is tax free, but any savings interest over £1000 is also due tax

I'm not an accountant, but I think that is how it works

 

[Duncodin]

. . .
. .
Our annual tax in our house is around 55% of our total income and both of us are basic rate tax payers. And I probably forgot, or don't know about, some taxes.
. .

I think you're under estimating that. Most 'normal' folk, ie not wealthy sods like as ow what you are, are likely paying around that 55%. There's the income tax. Then National Insurance. Then there's the mega stealthy one what most of use forget about is the "Employer's National Insurance contribution". But the employer pays that, I hear every one say, but where do you think he gets it from. It's taken off your salary BEFORE it appears on your pay slip. So you're basically paying it without knowing. That was the last stealth tax the goverment increased recently. Then there's the 'god-knows-what-it-is-now' tax on fuel and then there's insurance premium tax. Road tax. .and, and . . .

I just paid a sh*t load of capital gains tax on an asset that had increased in value but below the level of inflation - coz when calculating an increase in value over 30 years they don't give a toss about the fact that it's worth less now than it was 30 years ago but because the number of ££'s is bigger it's ching-ching in the tax man's coffer.

I just bought new carpets for our house. I am going to claim 100% against tax and claim the VAT back. I am VAT registered and work from home. Sod 'em.

You don't want to brag about that. Somebody could take offence and dob you in.