As has been mentioned the profit margin for producing petrol, diesel etc in this country is very slim. It’s almost cheaper to import.
UK oil companies make profit from selling crude oil abroad. Oil is a commodity and the price is set on the world market. (Supply and demand I suppose)
It’s the initial price of oil plus the Government taxation that makes fuel so expensive.
Obviously the higher the oil price the more tax the Government make however in an ideal world I wouldn’t mind too much paying a high fuel price with the tax if this was reflected in an improvement in living standard, services etc.
Unfortunately the money seems all too often to be wasted on various wars, bailing out Banks and probably a whole raft of other stuff.
UK oil companies make profit from selling crude oil abroad. Oil is a commodity and the price is set on the world market. (Supply and demand I suppose)
It’s the initial price of oil plus the Government taxation that makes fuel so expensive.
Obviously the higher the oil price the more tax the Government make however in an ideal world I wouldn’t mind too much paying a high fuel price with the tax if this was reflected in an improvement in living standard, services etc.
Unfortunately the money seems all too often to be wasted on various wars, bailing out Banks and probably a whole raft of other stuff.