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The cost of fuel Intro Production Trading Refining Tax At the pump
What happens to crude oil?
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Refining
Crude oil is refined into a vast number of products. Some of the most important are petrol, middle distillates, which include diesel, and fuel oil, which is used to fire power stations and in central heating.

Petrol has traditionally been the dominant refinery product in the US. In Europe, middle distillates have become more prominent due to increased popularity of diesel cars. Fuel oil output is generally declining in industrialised countries as more power stations switch their fuel to the more environmentally-friendly natural gas.

In the UK, the cost of refining - including the price of the crude oil - makes up 18.8% of the final cost of a litre of petrol, according to a BP estimate.