Anyone know what % of the total price is made up from raw material costs?
It does seem that the price rise has been higher that expected, considering that about 70% of the pump price is duty & tax.
Clearly the 30% is made up of refining costs, transport and profits as well as oil costs, so I would say that these costs have all increased along with the oil price, VAT increases in line with the rise as well.
On the theme of forcing prices down - oil prices have risen due to a number of factors - increasing demand being one - China in particular has increasing demand, so if we stop buying cheap imports from China then their economy will go into reverse ,oil demand will drop and lresult in lower oil prices - sorted!
Or we could all take up cycling - we could cheaply import the bikes that they used to use in China!
