[chris9991]

One of the 'reasons' for the price at the pump being as high as two years ago despite the price of oil being a lot less is due to the weakened exchange rate. This chart shows how sterling has changed over the past five years

http://www.advfn.com/p.php?pid=qkchart&symbol=FX^GBPUSD

I imagine that if interest rates had remained higher then the drop in sterling would not have been so steep.

Another factor to consider is we use petrol in our cars (sometimes diesel and LPG) and not oil. Therefore maybe the price of gasoline is the one to watch on the markets.

As a forewarning current expectations are that there will be a 3p increase in the duty on the 1st April