Oil Price in Pounds Today
The Brent price in pounds is the dollar price per barrel divided by the GBP/USD rate. With Brent near $106 and sterling at about $1.325 on 13 October 2026, a barrel cost roughly £80, which is about 50p per litre of crude before refining, duty and VAT. Use the live quotes and converter below for today's number.
Brent price in pounds: converter
Defaults: Brent near $106 per barrel; GBP/USD 1.3247, the cross rate implied by the European Central Bank's reference rates for 13 October 2026 (USD 1.1188 and GBP 0.84460 per euro). GBP/USD is quoted as dollars per pound, so the converter divides. Enter the live Brent price and the live rate above.
Why Brent matters to the UK
Brent is named after a UK North Sea field and is priced off North Sea cargoes, but it is still quoted in dollars. ICE Brent futures trade in London in US dollars and cents per barrel. For UK refiners, hauliers and drivers, the sterling price of crude is what counts, so the pound/dollar rate matters almost as much as the oil price itself.
Sterling and oil: the exchange-rate effect
When sterling weakens, each barrel costs more pounds. The clearest example is 2022: Brent averaged $100.93 while the pound averaged only $1.236. That made 2022 the most expensive year for Brent in sterling since at least 1999, at about £82 per barrel. In 2012 Brent averaged more in dollars, $111.63, but with sterling near $1.58 the pound price was about £70.
| Year | Brent (USD/bbl) | Avg GBP/USD | Brent (£/bbl, approx.) |
|---|---|---|---|
| 2012 | $111.63 | 1.5845 | £70.45 |
| 2014 | $98.97 | 1.6477 | £60.07 |
| 2016 | $43.64 | 1.3550 | £32.21 |
| 2020 | $41.96 | 1.2839 | £32.68 |
| 2021 | $70.86 | 1.3759 | £51.50 |
| 2022 | $100.93 | 1.2360 | £81.66 |
| 2023 | $82.49 | 1.2434 | £66.34 |
| 2024 | $80.52 | 1.2786 | £62.98 |
| 2025 | $69.14 | 1.3184 | £52.44 |
Brent: EIA annual average spot price (series RBRTE); more years on oil price history. GBP/USD: annual average of daily cross rates derived from ECB euro reference rates. Sterling price = annual Brent average ÷ annual rate average, an approximation.
How oil and sterling feed into UK petrol prices
A litre of UK petrol or diesel carries two taxes. Fuel duty is a fixed 52.95p per litre for both unleaded petrol and road diesel, the rate in force since 23 March 2022 according to HMRC's published excise rates. VAT at 20% is then charged on the whole price, including the duty. On top of the crude cost come refining margins, wholesale and delivery costs, and the retailer's margin.
Because duty is fixed per litre, crude is a smaller share of the UK pump price than in the United States. As a rough guide, each £1 change in the sterling price of a barrel changes the crude cost of a litre by about 0.63p, or about 0.75p once VAT is added. A £10 rise in the barrel price therefore adds roughly 7.5p per litre if it passes through in full, usually over several weeks.
| Brent (£/bbl) | Crude cost per litre | With 20% VAT |
|---|---|---|
| £50 | 31.4p | 37.7p |
| £60 | 37.7p | 45.3p |
| £70 | 44.0p | 52.8p |
| £80 | 50.3p | 60.4p |
| £90 | 56.6p | 67.9p |
Calculated as price per barrel ÷ 158.987 litres. Crude only: excludes refining, distribution, retail margin and the 52.95p fuel duty.
2026: Brent in pounds after the Hormuz shock
Brent started March 2026 near $72, then climbed above $100 after the Iran war disrupted tanker traffic through the Strait of Hormuz. By mid-October it was trading at roughly $103 to $107. Sterling was firmer than in 2022, so a $106 barrel cost about £80, close to the 2022 annual average in pounds. For what drives these swings, see what moves oil prices, and for the euro view, the oil price in euros.
Oil price in pounds FAQ
How do I convert the oil price into pounds?
Divide the dollar price per barrel by the GBP/USD rate, which is quoted as dollars per pound. At $106 per barrel and a rate of 1.3247, Brent costs about £80 per barrel. Divide that by 158.987 to get the crude cost per litre, about 50p.
Is Brent crude priced in pounds?
No. Although Brent is based on North Sea oil and ICE Brent futures trade in London, the contract is priced in US dollars and cents per barrel. Sterling prices are conversions at the current exchange rate, not a separate market price.
How much of a litre of UK petrol is tax?
UK petrol carries fuel duty of 52.95p per litre plus 20% VAT on the total price, including the duty. At a pump price of £1.40, VAT is about 23p, so duty and VAT together come to roughly 76p, more than half the price.
Why do UK fuel prices rise when the pound falls?
Crude oil and refined fuels are traded in dollars. When sterling weakens, UK importers and refiners pay more pounds for the same barrel or tonne of fuel, so wholesale costs rise even if the dollar oil price is unchanged. Retail prices usually follow within a few weeks.
Related pages
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