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Drivers Start To See Savings As Oil Prices Slide
Topic Started: Jan 19 2007, 08:48 AM (78 Views)
rob99
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Dead rising
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LONDON (Reuters) - Motorists in Europe are beginning to reap the benefits of falling global oil prices and can look forward to more savings as the effects filter through to the pumps over coming weeks.

European and U.S. crude oil price hit 20-month lows this week. U.S. crude futures have fallen by 16 percent since the New Year, nearly dipping below $50 a barrel on Thursday.

Pressured by the crude oil slippage, Rotterdam gasoline barges fell as low as $457 a tonne, also 16 percent down this year. The declines are becoming noticeable to consumers.


"There's been a perceptible fall in the (retail) price of fuel," said Stephen Brooks, fuel analyst at consultants Wood Mackenzie.

He said European petrol prices had declined around half a euro cent last week on average but consumers might need to wait a while to experience the full benefits.

"When oil prices drop, there's a lag effect before they get translated into reductions at the pump," he said.

It could take about a month before drivers see the full effect of cheaper crude, said Luke Bosbet, spokesman at Britain's Automobile Association motoring lobby. He said he had been disappointed by the savings so far for motorists.

"It hasn't been as great as we would have expected... The drop has been fairly minimal, it's less than a penny," he said.

Drivers in Sweden have enjoyed several price cuts in recent weeks, with gasoline now costing 10.39 Swedish crowns (75 pence) per litre, down from 12.89 crown in July.

About seven cents (five pence) has been shaved off prices at Greek pumps since September, presenting drivers there with some of the cheapest gasoline in Europe at 0.92 euro a litre.

The average British pump price of regular petrol stood at 87.5 pence per litre, down from 88.3 pence two weeks ago. The Netherlands is the only European Union country where petrol costs more.


Some drivers were phlegmatic about cheaper petrol, saying price cuts influenced their behaviour no more than price hikes.

"To be honest, I don't take any notice because I have to pay it, anyway," said Lorraine Pasla-Lindsay, 50, filling up her car in north London.



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Everyone you meet is fighting some kind of battle.
Peter David Edwards. 15/10/1947 - 26/05/2008. R.I.P.
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MR 8
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Hmm a delay on them getting to the pump, shame they cant be as quick as they are when its time to whack prices up, that happens straight away....

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myblackwrx
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i must admit the Tesco prices went up 1 week and did come down the week after (end of Dec into beginning of Jan) although by n ot as much as they went up.
[GK-customfield]Paul[customfield-GK]
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Andy
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somehow i can't see the price dropping that much knowing the way this country is about pricing and taxes. i agree about it going up straight away when it gets short, but it is true that it never comes back down just as quick.
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