LONDON // European motorists are only slowly seeing the benefits of the collapse in crude prices since July, but oil companies deny they have been taking advantage of the drop to beef up margins.
UK petrol prices averaged £1.07 (Dh6.75) per litre on Oct 12 and diesel was 118.45 pence, according to data from Experian Catalist.
This represents a fall of 10 and 11 per cent, respectively, from a peak in pump prices on July 17.
Pump prices in many other European countries including Italy, Greece and Germany have fallen less than 10 per cent since July, according to data from the motorists' group, the Automobile Association (AA).
Meanwhile crude has fallen by about 44 per cent from its July 11 peak above US$147 per barrel.
"Prices have come down, but we'd like to see them come down faster and by more," said Adrian Tink, a strategist at the British motorists' group, the Royal Automobile Club (RAC). "Prices seem to go up far faster than they come down".
The new British minister for energy, Mike O'Brien, told consumers on Monday to exert more pressure on fuel retailers.
"What we need to do is make sure that the consumer is out there and supporting those who are reducing prices and punishing those who are failing to reduce prices," Mr O'Brien said at a conference in Oslo.
Motorists' groups accept that with about 70 per cent of European fuel prices being made up of taxes, the drop at petrol stations will be less extreme than in benchmark crude prices.
However, crude prices were at almost the same level 12 months ago as they are today, but petrol prices in the UK are now 10 per cent higher than then, and diesel is 19 per cent higher.
Fuel retailers said the relatively muted drop since July reflected a lag of between six and eight weeks between crude changes and pump prices.
"We bring our prices into line as soon as we can, but drops in oil prices take a while to work through the system," said Mark Salt, a spokesman for BP.
Higher costs, UK inflation hitting a 16-year high in September of 5.2 per cent, and weaker currencies are the reasons why pump prices are above levels of a year ago, a spokesman for Britain's Petrol Retailers Association said.
The pound and euro are both down sharply against the dollar, the currency in which crude is traded, since July and compared to October last year.
Nonetheless, forecourt operators are benefiting from lower oil prices, said Stephen Brooks, an analyst at the consultants Wood Mackenzie. "Margins aren't looking too bad. As oil prices drop, margins tend to be a little higher than one would normally expect."
Analysts at investment banks said they expected oil majors such as BP and Royal Dutch Shell to report a recovery in fuel retail margins when they unveiled their third quarter results later this month.
However, fuel retail margins tend to be stable, so any fattening will be temporary, Mr Brooks said.
Stiff competition should mean further falls in pump prices, said Luke Bosted, a spokesman for the AA, especially thanks to competition from supermarkets, which Mr Brooks said controlled 40 per cent of the UK market and big chunks of the German and French markets.
"At some sites fuel may be sold as a loss leader, which is good news for the driver," Mr Bosted said.
* Reuters
Director: Paul Weitz
Stars: Kevin Hart
3/5 stars
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Autumn international scores
Saturday, November 24
Italy 3-66 New Zealand
Scotland 14-9 Argentina
England 37-18 Australia
School counsellors on mental well-being
Schools counsellors in Abu Dhabi have put a number of provisions in place to help support pupils returning to the classroom next week.
Many children will resume in-person lessons for the first time in 10 months and parents previously raised concerns about the long-term effects of distance learning.
Schools leaders and counsellors said extra support will be offered to anyone that needs it. Additionally, heads of years will be on hand to offer advice or coping mechanisms to ease any concerns.
“Anxiety this time round has really spiralled, more so than from the first lockdown at the beginning of the pandemic,” said Priya Mitchell, counsellor at The British School Al Khubairat in Abu Dhabi.
“Some have got used to being at home don’t want to go back, while others are desperate to get back.
“We have seen an increase in depressive symptoms, especially with older pupils, and self-harm is starting younger.
“It is worrying and has taught us how important it is that we prioritise mental well-being.”
Ms Mitchell said she was liaising more with heads of year so they can support and offer advice to pupils if the demand is there.
The school will also carry out mental well-being checks so they can pick up on any behavioural patterns and put interventions in place to help pupils.
At Raha International School, the well-being team has provided parents with assessment surveys to see how they can support students at home to transition back to school.
“They have created a Well-being Resource Bank that parents have access to on information on various domains of mental health for students and families,” a team member said.
“Our pastoral team have been working with students to help ease the transition and reduce anxiety that [pupils] may experience after some have been nearly a year off campus.
"Special secondary tutorial classes have also focused on preparing students for their return; going over new guidelines, expectations and daily schedules.”
UAE currency: the story behind the money in your pockets
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
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Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
Profile
Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari
Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.
Number of employees: Over 50
Financing stage: Series B currently being finalised
Investors: Series A - Audacia Capital
Sector of operation: Transport
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
Persuasion
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Cry Macho
Director: Clint Eastwood
Stars: Clint Eastwood, Dwight Yoakam
Rating:**
FORSPOKEN
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Starfield
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Scores
Rajasthan Royals 160-8 (20 ov)
Kolkata Knight Riders 163-3 (18.5 ov)
Quick%20facts
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COMPANY%20PROFILE
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