News2 mins ago
get ready for petrol strikes..........
46 Answers
as if this country wasnt in the sh*t already.............
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Currently 58.95p per litre is excise duty on petrol. Then there's VAT.
Down here in Truro we are at £1.28 so VAT makes up 25.6p so that is 84.55p per litre of revenue or 66% - puts it all in perspective.
Of the remaining 43.5p, the station dealer takes about 2p per litre . Now the oil Co doesnt get all this to cover refining and crude - there's petroleum revenue tax to be paid on the crude if it is North Sea oil.....which effectively is a profit tax taken into account with corporation tax.
Brent crude is at $93 a barrel or 58p per litre - given that some 45% ends up in the gasoline (petrol) pool that means that the oil co refining business and distribution business has 15.5p to cover refining and distribution and make money at that end of the business. Refining is about 6 to 7p per litre and distribution 3 to 5 p.
It's a thin margin business but the key thing is the government take - we aren't the worst in Europe by the way. That honour went to the Dutch - who are rich in gas.
Down here in Truro we are at £1.28 so VAT makes up 25.6p so that is 84.55p per litre of revenue or 66% - puts it all in perspective.
Of the remaining 43.5p, the station dealer takes about 2p per litre . Now the oil Co doesnt get all this to cover refining and crude - there's petroleum revenue tax to be paid on the crude if it is North Sea oil.....which effectively is a profit tax taken into account with corporation tax.
Brent crude is at $93 a barrel or 58p per litre - given that some 45% ends up in the gasoline (petrol) pool that means that the oil co refining business and distribution business has 15.5p to cover refining and distribution and make money at that end of the business. Refining is about 6 to 7p per litre and distribution 3 to 5 p.
It's a thin margin business but the key thing is the government take - we aren't the worst in Europe by the way. That honour went to the Dutch - who are rich in gas.
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