I used to trade oil, badly. If the dollar strengthens, commodities like oil go down and vice versa. The dollar is strong against everything right now, except the Ruble, I got an alert on my phone that it’s at a 1998 high against the yen this week for example.
Right now oil is going up despite the dollars strength, mainly due to the west not buying from Russia and OPEC+ not increasing production (despite the US trying their hardest get them to do so) because they’re happy with the price.
Maybe the £ would be higher the against the dollar if it wasn’t for brexit but I guess 5-10%.
The government charge us about 58p in tax per litre, but then add 20% VAT on top of the whole bill, if petrol is £1.90 then 38p is VAT and 58p in fuel tax. They just reduced this to 53p for a year. However, because VAT is a percentage the government are making 13p a litre more (I’m including the 5p discount) from petrol than they were at £1 a litre.
Also, the petrol stations themselves take the piss when the price is higher, I assume their margins are on a percentage but don’t really know.