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Does the price of oil affect the price of petrol?

In: Economics, Gas Prices [Edit categories]

Answer:

Yes, petrol prices will move slightly to reflect the oil price, although in the UK the the oil cost is a very small part of the price per litre, tax and fuel duty makes up the majority of the cost. Also as petrol if produced through fractal distillation (separation of crude oil) the price of petrol is most likely to increase slightly through the price of oil.

First answer by IncaBlue. Last edit by Rockprincess999. Contributor trust: 0 [recommend contributor ]. Question popularity: 1 [recommend question].

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