Tuesday 21 April 2020 by Davywavy

Fuel companies thinking of cutting the price of petrol by a penny after oil price falls to less than nothing


Petrol prices might fall as oil becomes free

Turmoil in the international markets yesterday resulted in oil producers literally paying people to take the stuff away – meaning leading fuel companies are thinking about knocking a penny of the price of petrol.

A huge drop in demand for fuel caused by the global shutdown resulted in producers in Alaska, Dakota and Alberta offering as much as US$37 a barrel to anyone willing to show up and take it – leaving major forecourt fuel stations wondering if they could afford to sell for less than £1.16 a litre.

“It’s a complex decision,” said Simon Williams of motorway fuel forecourt company Willoil.

“On the one hand, the price of raw materials is literally less than nothing whatsoever for the first time in all of history, but on the other hand, you know, screw you.

“You see the problem?”

Motorists are understood to be annoyed by the delay in passing on a fall in prices to the consumer, but on the other hand thanks to Coronavirus they won’t be driving anywhere any time soon anyway.

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