Oil vs Fuel Price Comparison
How do global crude oil prices affect what you pay at the pump? This chart compares Brent crude oil spot prices with average UK fuel prices across all major fuel types.
Oil prices from the US Energy Information Administration (EIA). UK fuel prices are national daily averages from official government data.
Crude oil is the single biggest component of the price you pay at the pump, typically accounting for around 40-50% of the retail price of petrol and diesel in the UK. The remainder is made up of fuel duty (currently 52.95p per litre), VAT (20%), and retailer margins.
Because oil is priced in US dollars, the GBP/USD exchange rate also plays a role — a weaker pound means higher fuel costs even if oil prices are stable. Changes in crude oil prices typically take 2-4 weeks to fully feed through to pump prices, so you may notice a lag between movements in the oil price and changes at your local station.
Geopolitical events, OPEC+ production decisions, trade policy (including tariffs), and global demand shifts are the main drivers of oil price volatility.