Fuel prices

[chrism]

A slight wander of subject but as if I heard right, VAT is being removed from energy efficient heating systems AND insulation.. so that's 20% off

Anyone for a foam Baseboard?

Nope, the VAT is being reduced from 5% to zero - so it's actually 4.76% off

[Dalek]

Most of what we pay at the pump is duty and tax, thats a fact, if the duty and tax wasn't so high then when there was an increase in the price of petrol/diesel than it wouldn't be as noticable.

I did these calculations when i thought the tax and duty was 53%, i think it's actually 57%

Anyhow, same logic applies.

If petrol was 100p a litre at the pump then the petrol costs 47p then the duty & vat would be 53p.
When the petrol price increases to 160p a litre at the pump then the petrol costs is 75.2p and the duty & vat would be 84.8p
The petrol has increased by 28.2p taking it to 75.2p but the duty & vat has increased by 31.8p taking it to 84.8, more than half the amount the petrol increased by is by vat & duty.

If the vat & duty didn't increase on the 60p of the 160p per litre for petrol but there was still vat and duty on the first 100p that petrol would cost 128p per litre instead of 160p per litre.

Lets scale it ip a bit into reality as nobody buys 1 litre of petrol.

Just say i have a 20 gallon tank, 4.54 litres in a gallon so thats a 90.8 litre tank.

Petrol costs 100p a litre so it costs 9080p, £90.80 to fill up. £42.676 of that is the cost of the petrol, £48.124 of that is vat & duty
Petrol now costs 160p litre so it costs 14528p, £145.28 to fill up. £68.28 of that is the cost of the petrol, £76.99 of that is vat & duty

The actual petrol has gone up by £25 to fill up with 20 gallons but the additional duty & vat has added another £29.48 to the cost.

My point really is if there is an increase in the cost of petrol then you need to double it to cover the vat & duty.

RIP OFF BRITAIN

[PLD]

Don't think that is quite right... Fuel excise duty is a fixed 58p per litre for unleaded E5 & E10 (53p after today) so while VAT goes up proportional to the total cost, as prices rise the duty as a percentage of the total falls...
So your 100p litre would be 17p VAT, 58p duty = 75p/75% taxes.
A 150p litre would be 25p VAT, 58p duty = 83p/55% taxes.

[chrism]

Don't think that is quite right... Fuel excise duty is a fixed 58p per litre for unleaded E5 & E10 (53p after today) so while VAT goes up proportional to the total cost, as prices rise the duty as a percentage of the total falls...
So your 100p litre would be 17p VAT, 58p duty = 75p/75% taxes.
A 150p litre would be 25p VAT, 58p duty = 83p/55% taxes.

Yes, Dalek's 100p/litre calculations are completely wrong - the actual fuel would be only 25.3p/litre.
The 160p/litre calculations are about right, though.

[guest311]

Most of what we pay at the pump is duty and tax, thats a fact, if the duty and tax wasn't so high then when there was an increase in the price of petrol/diesel than it wouldn't be as noticable.

I did these calculations when i thought the tax and duty was 53%, i think it's actually 57%

Anyhow, same logic applies.

If petrol was 100p a litre at the pump then the petrol costs 47p then the duty & vat would be 53p.
When the petrol price increases to 160p a litre at the pump then the petrol costs is 75.2p and the duty & vat would be 84.8p
The petrol has increased by 28.2p taking it to 75.2p but the duty & vat has increased by 31.8p taking it to 84.8, more than half the amount the petrol increased by is by vat & duty.

If the vat & duty didn't increase on the 60p of the 160p per litre for petrol but there was still vat and duty on the first 100p that petrol would cost 128p per litre instead of 160p per litre.

Lets scale it ip a bit into reality as nobody buys 1 litre of petrol.

Just say i have a 20 gallon tank, 4.54 litres in a gallon so thats a 90.8 litre tank.

Petrol costs 100p a litre so it costs 9080p, £90.80 to fill up. £42.676 of that is the cost of the petrol, £48.124 of that is vat & duty
Petrol now costs 160p litre so it costs 14528p, £145.28 to fill up. £68.28 of that is the cost of the petrol, £76.99 of that is vat & duty

The actual petrol has gone up by £25 to fill up with 20 gallons but the additional duty & vat has added another £29.48 to the cost.

My point really is if there is an increase in the cost of petrol then you need to double it to cover the vat & duty.

RIP OFF BRITAIN

ok, but poor MPs need to top up their pensions, the government [?] needs to cover it's costs on parties works events, and we are the ones who foot the bill.

#when are we going to get a government who actually cares about their people, regardless of what party.

[Dalek]

Don't think that is quite right... Fuel excise duty is a fixed 58p per litre for unleaded E5 & E10 (53p after today) so while VAT goes up proportional to the total cost, as prices rise the duty as a percentage of the total falls...
So your 100p litre would be 17p VAT, 58p duty = 75p/75% taxes.
A 150p litre would be 25p VAT, 58p duty = 83p/55% taxes.

Yes, Dalek's 100p/litre calculations are completely wrong - the actual fuel would be only 25.3p/litre.
The 160p/litre calculations are about right, though.

I stand corrected, i did bash all that together on the hurry up.

So it's even worse then 

[Dalek]

#when are we going to get a government who actually cares about their people, regardless of what party.

We have this in Scotland, it's called the SNP

Craig

[The Q]

Don't you believe it,  all they are interested in is power for themselves...

[Dalek]

Don't you believe it,  all they are interested in is power for themselves...

Really....?


LOL

[The Q]

Yep I've lived there, one of my sisters works for the Scottish government, she meets those politicians every day when not working from home. They are just the same bunch of back stabbing politicians as in every other country all they want is power....

[Newportnobby]

[gmod]I know it's difficult to extract politics from what's going on at present but let's remember the forum rules please, Chaps/Chappesses. No politics[/gmod]

[guest311]

what I don't get is if I buy a loaf of bread I pay for the bread and the vat
if I buy a bottle of beer I pay for the beer and vat

I buy some diesel I pay for the fuel, then have a tax as well, fuel duty, and then pay vat [a tax] on the fuel and on the tax that has already been added.

or is it that it is only on fuel that the duty is talked about, is there a flour duty on my bread, or a hops duty on my beer ?

it might not be quite so bad if you paid for the fuel, then VAT on that fuel, then had the fuel duty added, but paying tax on a tax is just... well I won't say what I think, some will guess though.

[Dalek]

Yep I've lived there, one of my sisters works for the Scottish government, she meets those politicians every day when not working from home. They are just the same bunch of back stabbing politicians as in every other country all they want is power....

Entirly your opinion and you are entirly welcome to it, as am i with mine.

However i do not agree with your opinion, not all politicians and parties are equal.

We better knock this on the head before we get a row, now then back to the choo choo trains 

[dannyboy]

A couple of months ago, our Government decided that, because of the rising fuel costs, every household in Ireland would get a €100 credit on their electricity bill. I think somebody then twigged that the credit would actually be more, as there would be no VAT to pay on that €100, but of course, the Government had said we would get €100 of free electricity, so they had to leave it as it was. A few weeks ago, the Government decided that we could actually have €200 knocked off our electricity bills including VAT. Somebody in the Irish Treasury had obviously thought it through this time.  . I am not complaining though. 

[Dalek]

Oh look, another government that cares for it's people