Statistics from the BBC World at One: In 2008, when oil was $144/barrel, the price at the pumps in the UK was no more than 120p per litre of petrol. Today, the oil price is $113 but pump prices are 186p litre. The reason is that sterling was $2 to the pound, and now it is $1.20 to the pound. This drop occurred as a direct result of Brexit, and oil is traded in US dollars.