Well chaps, they have to get their revenue from somewhere and whilst they cosy-up to their chums in big business and keep their taxes at a minimum (or even zero), Joe Bloggs is an easy target!

The bottom line is that many peolpe rely on fuel, perhaps all of us as most things come by road, the fuel companies will maximise their profit and the government will take as much in tax as they can get away with knowing we have to buy it. The last consideration of either is us.

I resent paying the ridiculous proportion of tax in the fuel price and so drive as little as possible, drive a diesel, and cycle to work.

Oh, and before anyone starts banging on about 'road tax', as if it exists, please consider my commuting 'vehicle' as low emission (<100g/km of CO2) and that I pay 'fuel tax' on the food that I eat....

Oh you mean a kind of say.....National insurance.....?

Anyone but anyone who thinks road taxes and fuel taxes can be cut and no other taxes raised to compensate is obviously someone who does not follow current affairs and has no knowledge of what is happening in the real world. In other words, money grows on trees.

If , however, they suggest cutting taxes and cutting expenditure to offset the lack of revenue, I will pay then the attention due to someone who has actually thought about the subject,

We cannot invade Afghanistan, fight wars and protect all these illegal immigrants without paying taxes.

Soemeone has to pay for the Welfare State. And all the fatties..

Worth reading:

RP Martin has removed its chief executive and an executive director from their posts amid a probe into the firm’s role in the manipulation of Libor that saw two former employees arrested in December.

tinyurl.com/ctjhwvj

When an international group of market regulators last year considered imposing new controls on world oil benchmarks, the leader in that field, McGraw Hill Financial Inc.'s Platts, fought back.

tinyurl.com/cqcekcv

For decades the physical oil market has been the unregulated preserve of a few powerful companies. But in the wake of the Libor scandal, it is subject to intense scrutiny.

tinyurl.com/d3cmlvp

Even if crude oil was free, the fuel would only go down by around 20p/litre, due to all the various upstream and retail taxes.

Err as VAT is based on a % of the spelling price that's plain wrong.

A barrel of oil costs approx $100, A barrel contains 42 US gallons.Approx 35 UK gallons.

So the cost per gallon is roughly $2.85 or £1.90 . or 42p/litre.

(Assuming all oil converts to petrol - only half does)

If these allegations prove to be right, what will WE as motorists get out of it. The deed has been done, we've all paid up and nothing will be changed. Jumping up and down will not get a refund or a drop in pump prices.

We've spoke on here before about the pricing cartel for fuel and the parking of tankers in estuaries waiting for prices to rise. Well, mud sticks.

The only thing to do, and I'm sorry if it hits retailers,but as I'm aware they bleet they're only making 1p a litre, don't fill up at BP or Shell stations in protest. But still use the shops at these to purchase groceries, papers, coffee and sandwiches. That way the petrol wholesalers might feel the kick rather than the retailer.

I don't know about the rest of you but what I find worrying is the conclusion of the EU investigation that the alleged rigging has been going on for a decade in the light of the fact that our own OFT reported at the end of January that their investigation showed 'fuel competition is working well'.

Either the EU investigation is barking up the wrong tree or the OFT had the wool pulled well and truly over its eyes. I'm no longer a betting man but if I were I think I might have a couple of bob on the EU boys.......

I may be missing something but EU and OFT were looking a different parts of supply chain.

EU has identified rigging of crude/wholesale prices in similar way to LIBOR.

OFT was looking at UK retail and incredibly failed to blow thw whistle on the lacuna that makes diesel 3-4p litre more expensive in Northampton than in Leicester or Corby.

In old units that's 15p or so a gallon.

Edited by Bromptonaut on 17/05/2013 at 09:50