Friday - September 16, 2005

Gas Wars

There is a gas war going on in Britain even as I speak. British motorists are staging protests with convoys in Wales so Britain’s two largest petrol dealers cut their prices. Now Brits should be happy, right? Well, using my handy-dandy Barking Moonbat Calculator/Currency Converter, I crunched the numbers and it appears that 89.9p per litre works out to approximately $6.13 per gallon. Down from 92.9p ($6.36 per gallon). Yeah, that’d make me happy. How about you ....?

Asda and Tesco Cut Petrol Prices
(BBC NEWS)

Predictions that UK petrol prices are on their way down proved correct after two fuel retailers promised to cut prices at the pump. Both Asda and Tesco are cutting up to four pence off a litre of petrol. Prices are coming down as global oil and petrol prices retreat from post-Hurricane Katrina highs. On Thursday, oil prices reversed early gains with US light crude down 34 cents to $64.75, while London Brent fell 21 cents to settle at $63.91 a barrel.

Asda and Tesco are dropping their prices from Friday. The cuts come after muted demonstrations by fuel protesters, who are also planning a major go-slow along the M4 motorway during rush hour. Friday is the last of three days of protests by the Fuel Lobby, which is calling on the government to cut fuel tax. UK petrol prices are among the highest in Europe, with 67% of the total cost going on tax.

Retailers said this week’s protests have had little impact and said petrol stations should be back to normal by the weekend after a spate of panic-buying by motorists earlier this week. “Next week, when things have calmed down against, we’ll see prices fall due to falling wholesale prices,” said the Petrol Retailers’ Association said earlier this week.

Asda said it would cut the cost of petrol to a maximum of 89.9p a litre at its 158 petrol stations and diesel to 92.9p a litre. “Drivers have been ripped-off in the past 10 days as drivers rushed to fill up,” said Tony Page, general merchandise director at Asda. Meanwhile, Tesco said it was cutting prices from 0600 BST on Friday at all its 380 petrol stations by up to 4p a litre. “The price of petrol has fallen and we are passing those savings back to shoppers as soon as we can,” a Tesco spokeswoman said.

Posted by The Skipper     on 09/16/2005 at 05:49 AM   
Filed Under: • Economics •  
• Comments (1) • Trackbacks(0)  Permalink •  

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