Fuel pricing

[prydey]

I can see everyone cringing now. not another fuel thread!!

this is actually a genuine question so i don't want it to deteriorate into a 'we're being royally screwed' thread, even though that always seems the case on the surface. perhaps this thread can erase some of the myths.

is anyone able to tell exactly how the price of fuel is worked out. i know it is based on the singapore exchange or something but it seems any world event in america or mid east is an excuse to raise prices.

before the GFC the price of oil per barrel was $160?? and fuel prices here got to around $1.60 for regular unleaded. the aussie dollar was somewhere around 80cents us. (most of these figures are pure guesses from memory). at the height of the gfc, the barrel price plumeted to as little as $30? barrel, and fuel dipped under the $1 mark in most cities. our dollar was still trading at similar value. now post gfc, the oil price has surged back to $100+/barrel, but our dollar is also on par with america now, and yet we see bowser pricing already back close to $1.60L for regular.

is it a supply v demand thing. can someone decipher all the ins and outs as to why it seems to have risen back to previous levels much quicker given the barrel price has some way to go before it gets back to where it was.

obviously the unrest in the mid east isn't helping at the moment, but 6 months ago that couldn't be used as an excuse.

are we being bent over? or is there a logical reason for it all? <- serious question.