Meantime jo shmo in singapore pays fuel prices based on a per barrel cost calculated in dollars.
One thing I haven't understood is why this has fed through to higher pump prices in the UK.

(1) we buy oil in puny ( ) dollars, but I pay for my petrol in nice strong pounds, so why hasn't the pound's appreciation against the dollar counteracted the higher dollar price for crude?

(2) most of the pump price is tax anyway.

I suspect I am being ripped off.