Life just goes on getting better and better in this country, doesn’t it?
Despite the fact that we are told there is no inflation at all and that our money in building society and bank accounts earns no interest to speak of, it’s interesting that the cost of petrol in the UK has risen by 26% over the last year. In short it costs a quarter more to fill up your tank than it did last year.
Petrol is expected to reach £1.10 a litre before Christmas, an astounding £5. 0s. 0d a gallon for those who prefer old money and imperial measures. The blame is being laid on the increased cost of oil and the falling value of the pound (thank you Gordon).
The amazing thing is that, the last time that petrol cost this much, the cost of crude oil was $100 a barrel; at the moment it has remained between $75-$80 a barrel, prompting criticism that oil companies are fast to raise prices when the cost of crude goes up, but slow to reduce them when it comes down.
Interestingly BP has just announced bumper quarterly profits, during this recession, of £3 billion, a rise of 60% on the previous quarter. I wonder if the two are connected.
As if all of that wasn’t enough to put a damper on your evening, the VAT reduction that Darling introduced last year in a desperate attempt to encourage Christmas spending, will disappear in early January, adding on average £1.50 to a tank of petrol.
I find that strange in an oil rich country. One of the benefits of the union, I guess.
Despite the fact that we are told there is no inflation at all and that our money in building society and bank accounts earns no interest to speak of, it’s interesting that the cost of petrol in the UK has risen by 26% over the last year. In short it costs a quarter more to fill up your tank than it did last year.
Petrol is expected to reach £1.10 a litre before Christmas, an astounding £5. 0s. 0d a gallon for those who prefer old money and imperial measures. The blame is being laid on the increased cost of oil and the falling value of the pound (thank you Gordon).
The amazing thing is that, the last time that petrol cost this much, the cost of crude oil was $100 a barrel; at the moment it has remained between $75-$80 a barrel, prompting criticism that oil companies are fast to raise prices when the cost of crude goes up, but slow to reduce them when it comes down.
Interestingly BP has just announced bumper quarterly profits, during this recession, of £3 billion, a rise of 60% on the previous quarter. I wonder if the two are connected.
As if all of that wasn’t enough to put a damper on your evening, the VAT reduction that Darling introduced last year in a desperate attempt to encourage Christmas spending, will disappear in early January, adding on average £1.50 to a tank of petrol.
I find that strange in an oil rich country. One of the benefits of the union, I guess.
