i just fill up my petrol yesterday and i was shock with the price ($2.39/L).
I miss the old days where petrol around $1.60 (98RON).
Do you guys think fuel price will ever go down - back to last year price?
Do You Think Fuel Price Will Ever Go Back to The Old Price?
Anth0ny on 26/03/2022 - 16:56
Last edited 26/03/2022 - 16:58
Last edited 26/03/2022 - 16:58
Poll Options
- 210It will never go back - this is the new normal price
- 57It will never go back - most likely will go even higher in future
- 386Give it time, it will go back to last year price
Comments
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Housing cost alot = buy Chinese cars? Odd logic.
Must be a DYB thing.
Or get a 2000s car with minimal gadgets
People in this thread thinking that the fuel price staying high is a good thing are in for a shock when all your groceries rise in price and everything else as well. Oops that's already happening.
I've already priced in the inflation wen Rona.
I gave a heads up 9M ago when prices started to tick up leading into Christmas.
https://www.ozbargain.com.au/comment/10591370/rediryou're not laughing now
nah, we still are RT.
All the people on the take pleasuring themselves with more government handouts (pun not intended)
Are in for a world of pain with the ever so obvious inflation and interest rate increases.
Well duh
Yes. They will crash infact the day the Ukraine war wraps up.
Russia will be under sanctions for a long time
oil is not under sanctions from EU/China,
only in US which accounts for a mere 5%
It really shows you know a lot.
Do we live in the EU or China? If you look at the price right now without EU / China sanctions do you think EU will sanction Russia. If they do the price will go even higher
If you want cheap oil prices move to China but then cheap oil is at the cost of freedom of speech at a minimum.
@netjock: Someone doesnt understand that if China gets more oil from Russia then it needs less from elsewhere.
@mdavant: Another one with no idea.
Global production was already tight before the war. Say if there is 100m barrels produced a day and Russia is 10m barrels of production. If China needs 20m barrels a day. If China gets it on the cheap, China benefits 10m barrels, they will buy the other 10m on the market with 90m of capacity.
Oil at $130 a barrel vs $80 before th war. Of you had spare capacity you'd be pumping like crazy. But nobody is pumping more.
Your theory is good, it just isn't realistic.
The oil majors haven't invested in extra supply for ages due to trend to renewables. Only extra capacity is places like Iran and Venezuela. Good luck with those countries.
@netjock: In a scenario where countries produce less, I fail to see how there is less supply.
Now if you are adding in the gas we have moved to (destabilising energy security), I am all ears.
@mdavant: Problem isn't less supply. It is we have reached limits in the supply before the war. There is no more supply to pump even if they wanted to.
@mdavant: Usually that is what it means when governments have to co-ordinate release of strategic reserves.
Think about see semi conductors, it takes years to be build a factory on the assumption that price makes it viable. It takes years to find reserves and drill a viable hole with crude reserves that is financially viable to build infrastructure over it to extract the crude. You make it sound like it is a weekend DIYers randomly drilling holes and putting pipes over the top to siphoned off the crude into jerry cans.
By your assumption material shortages and trades people shortages shouldn't exist.
If you aren't sure then read the Woodside financial report. It isn't like they have built in 20% surplus capacity just in case and can pump like crazy.
@netjock: I understand it takes time to develop reserves. Simples.
I am saying if Russia is still producing oil and sending it to China instead then China needs less from elsewhere and the net effect is no difference.
do you think ukraine war will finish in 2-3 more months?
Even if the war finishes. Sanctioned might not.
Won't go back.
- There is always inflation. OPEC has inflation too.
- Most cheap oil or near shore have already been found. Now it is the expensive deep ocean and oil in politically dangerous countries.
- Oil companies haven't spent money on exporation for a long time.
those are not really acceptable points though. Petrol has risen 50% in the last little while, those things dont make a sudden spike like that.
Not acceptable points so how else is people explaining it?
Bit like Covid house prices. Just magic.
I guess since everyone made 20% in 2021 on their house, 50% increase on petrol is nothing.
Well at least some effect could come from printing money
I would really like to see the price stay above $2L.
The government could add new tax's on it to keep it high, then hopefully we can start to see less dodge rams and ford f150s.Then use the money raised to reduce the price of rego on fuel efficient cars, trucks and electric hybrids
Do you see many dodge rams in Australia?
Yeah I do, but thinking about it I'm in Qld could be different in Sydney/Melbourne
There is 8 dealerships/importers in my area
Yup, I see heaps and wonder how many are actually used for their full trucky capacities, and how many are p3nis extensions honestly.
Then I watch this and in case I wasn't already dead sure about it, know I'll never vote for Dutton in my life. https://youtu.be/aIGKCkS01EA
I would be shedding any tears for people's car buying decisions. The amount of vitriol when you mention buying a Camry Hybrid on these boards.
It will go down to 1.80 to 1.89$ a L for ULP in melb mext couple of days…
But if you are after 1.2 or 1.4$ a L for ULP that's not going to happen next couple of months
Wholesale price is just under $1.90/l so not sure what the average margin, but should see under $2/l for a while
Overs and Unders. Been selling it for way over the last 2 weeks. 188c at Costco last night.
What goes up must come down… I think 🤔
What goes up must come down… I think 🤔
When will my age come down ?
House prices sure aint. Cost of living in general sure aint.
that only applies to psychics, sorry to be the party pooper
House prices go up 20% in 2021 people were laughing. Small fuel bill goes up, you hear no end of it.
Didn't people make like 60k minimum on their house in 2021 (tax free). Petrol of like $2500 goes up to $3750 a year.
People should just chip a brick off take it down to their servo to fill up and get a pocket full of change.
You should buy an EV.
1.95-$2 in part of Adelaide last few days
Just fuel lock 7-11 you can get it for 186.9 rn
7-11 are not in Adelaide. :+(
OTR has Scan Pump Save App.
7-11 are not in Adelaide
Learn something new every day. I thought the Japanese had made it to every state
I hope the fuel prices double so our planet will be benefited.
I work in the O&G industry and the price is heavily fixed by the Cartel. Saudi Arabia and others can increase oil output to fill the gap from Russia supply but they told the US to piss off and are more than happy to sit back and rake in the profits. Their long term plan is to keep the price at this level (~$100/bbl) and rake in the profits. Unless the US producers turn their shale wells on and flood the market, we are at the mercy of the oil cartel.
So my advice is, get used to it. High fuel prices are here to stay.
we are at the mercy of the oil cartel.
Biden is the one who needs to turn the tap on. He is hodling the oil for his war machines.
Industry experience is not appreciated here.
The pub test on economics is what counts here.
People have no idea the type of countries they are getting most of their oil from.
Venezuela has one of the world's largest oil reserves along with Iran, Saudi Arabia and Russia. Good luck to us all.
Stop cutting ureters!
Don't know, but you can ask the OECD folks about when they next make a decision on how much money they want to make.
America Is the World’s Largest Oil Producer.
People should be asking why Biden isn't exporting more USOIL?
Producer or refiner?
Yes, the US is the largest producer of oil and gas in the world
Evan Koslof - Mar 15
https://www.msn.com/en-us/money/markets/yes-the-us-is-the-la…
It's for their own national security. Simple logic, use someone else's finite resources before your own. The US always acts for the US, to believe otherwise is naive. But the folks in Canberra will tell you something else :)
was around 21c/L in 1977/78 and 48c/L in 1984/85
never going back.
Don't you remember when oil went negative and the Scammers wiped out people entire life savings being collateral for CFD's .
Lesson for people trading CFD's is always put a stop loss no matter what .
It not highly publicized the play that happened a few years ago .
The people that cleaned up want to keep it hidden .
Everybody will remember Scomo thinking cheap oil is here forever and buying storage facilities overseas .People that don't use an SL get what they deserve.
Give is house prices and average wages too.
Also bread and milk.
Definitely not
People will just get used to paying over $2 a liter, and the greedy corporations will just keep overcharging, because why not.
lol remember when everyone went crazy when petrol was a $1.60 a litre? It won't last! Isn't sustainable! Drop the fuel excise!
Drop the fuel excise!
And the billions of dollars of tax money for roads and infrastructure will come from where?
Whoosh
Yes, let's make sure those oceans don't rise 0.1mm over the next 300 years!!!
When petrol was 70c when I started driving, people complained when prices went over $1. Then they went to $1.50 for a few months and people stopped complaining and were happy to pay $1.20.
Now they're playing the $2.50 is expensive, but we'll be happy to pay $2.20 as a compromise.
This is the new normal. Don't like it? move to EV when the time for a new car comes around.
When the pandemic hit I remember filling up for below 80c/lt but having nowhere to go. The current price is a direct result of the Pandemic and the War In Ukraine. Oil was already forecast to go over $100 a barrel before the war as the world recovered from the economic effects of the pandemic. It’s all part of the world economic cycle. Nothing much to do with climate issues or EVs and all of the buzz around them but as far as EVs ARE concerned there is going to be a severe shortage of raw materials for batteries as the EV manufacturers have been asleep at the wheel in sourcing them. So if you’re an investor you could do worse than invest in battery component producing miners that have current production and for higher risk, ones that are yet to produce but have the ore in the ground awaiting production to start.
Might be time to go on the Oats, milk, water, multivitamin diet till things blow over.
interestingly enough if you look at the historic price oil per barrel was the same price as today in 2008 and 2011 but the price petrol wasn't over or even close to $2.00 per litre you could almost think oil companies were profiteering on the current situation and making record profits
What was the Aussie dollar at the time though?
That needs to be factored in.
in 2008 the Au was lower than usd in 2011 it was higher than now
Global warming and increased CO2 means plants are in abundance. The earth goes through 500 year climate cycles, there is a human input which should be accounted, especially air quality more than anything, but dont buy Tesla until theyre as reliable as Toyota!
People don't have to wait for Tesla to be as reliable as Toyota.
They can buy TSLA, enjoy the growth and then buy a Tesla in the future.
To go back there needs to be a few conditions….
1) Russia stops the invasion in Ukraine
2) New policies to relax tax on petrol
3) Lower CPI and general cost of living.
4) Covid numbers come downIn my opinion it might be a year or more
Or, Opec could choose to ramp up production instead of profiteering
Why don’t you ask our allies that control aramco?
Will they ramp up production to balance out demand or profiteer off our misery.
Nothing to do with them. Speak to Biden. Yes.. Blame that man for what is the problem now.
Lol. Nothing to do with the mob (opec) that actively restricts production to manipulate the price.
I’m no fan of biden (nor trump for that matter, nor US global politics generally) but you are delusional if you think this is biden.
I miss the old days where petrol around $1.60 (98RON).
$1.60? I filled up for 98.9c/L in 2016… that was 91 though.
They'll eventually go down.
Tell me when it goes down. I'll short.
It’s at 1.50 now :)
It is?
That's 👍 and just in time for 🐇 🐣.
@Wilson Wallace: I don't bet against Elon Musk.
Only plebs do that and they often end up as roadkill.
I think EVs while great are still in their infancy and have a way to go with battery technology. At least with a ICE the car will still likely run in 10 years time, the EV will likely need a new pack which from current accounts would likely be worth more than the residual value of the car. You only have to look to the recent spectacle of a guy buying a used Tesla with a spent pack who got caught out..
https://www.firstpost.com/world/watch-tesla-owner-blows-high…
https://www.ndtv.com/world-news/watch-tesla-blown-up-with-dy…ITT: no one knows about peak oil
If your aren’t making $150k+, life is about to get very uncomfortable for you from here on.
Maybe if Trump gets back in haha
Yes
Doubt it not looking good petrol goes up everything goes up with it. :(
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Housing is the real highest cost of living factors that mean many people strugle.
Cars sadly have inflated with more gadgets.
Hopefully more cheaper Chinese cars will hit the market