The companies are not the problem here. I don't and never have worked in the oil industry, so have no vested interest in this and my views are not skewed.
The problem consists of a huge number of separate issues:
1. Taxes, levies, etc, etc. These make up the vast bulk of the petrol price in this country. It is absurt that the government should take such a huge chunk of money for people to allow themselves to do things like go to work. ~48-50% of the price
2. VAT. Again, taxing people for not sitting at home, claiming benefits. 17.5% of the price
3. Price of crude oil + refining costs. These are fixed to a degree. Roughly speaking ~30-32%. Some of the bigger firms can bring this down to 28-29% territory if they are very good.
That totals around 97-98% of the price of petrol in this country.
4. This is a massive point that nobody seems to mention and one that the media very smartly always omit. Any massive oil company has to forecast a number of months & years in advance to ensure they explore, drill, pump, deliver, buy, etc so that you can have petrol at your doorstep every single day. Therefore, today's petrol price to the company will be a very complex mix of the prices over the last 5-6 years. If a company's balance sheet meant that they had to buy a lot during an expensive period, that will mean that when prices come down, they cannot drop theirs in turn. Moreover, these companies have to forecast what the price will do going forward. As the general view is that prices will continue steadily climbing, the forward curve on oil price is only getting steeper. Hence even though the oil price on the market today is X, the price of an advance trade/buying for 2 years from now/future/any other product an oil company wishes to get (eg derivative types) will be a lot higher than this.
Basically, compared to the majority of businesses, oil companies have relatively tiny profits. The absolute numbers published by newspapers can look staggering, but given the turnover these companies have (unlike any other product, virtually ALL of us use their merchandise every single day), they are really not large at all.
The really big problem in this country is the government which does not realise that charging 70% of the price of petrol as some form of tax is quite frankly a joke. That, together with road tax, all the taxes associated with buying and maintaining cars, etc, I find it rather surprising when my local council informs me that they don't have enough budget to go and fill in massive gaping potholes all over the place.
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As mentioned above, this initiative won't work. There has to be something much more drastic if anything is to change.