Crude Oil Price Per Litre Today

Litres, barrels and cubic metres

The barrel used in the oil industry is 42 US gallons, which is exactly 158.987294928 litres. The conversions most people need:

• 1 barrel = 158.987 litres = 0.159 cubic metres
• 1,000 litres (1 m³) = 6.29 barrels
• 1 litre = 0.00629 barrels
• Every $1 change in the barrel price moves the crude cost of a litre by about 0.63 US cents

Some markets also quote oil in tonnes rather than by volume. Because a tonne of light crude takes up more space than a tonne of heavy crude, barrels per tonne varies by grade; see crude oil price per tonne.

Crude per litre vs the pump price

The crude cost per litre is only part of what drivers pay. In most of Europe, fixed excise duties and VAT are larger than the crude cost itself. The EU Energy Taxation Directive sets minimum excise rates of €0.359 per litre for unleaded petrol and €0.33 for diesel, and most countries charge more. In the UK, fuel duty is 52.95p per litre plus 20% VAT on the total.

So at about €0.60 per litre for crude in October 2026, taxes still made up a large share of a European pump price. In the United States, where taxes are lower, crude was about half of the gasoline price according to the EIA; details are on crude oil price per gallon.

Why crude per litre jumped in 2026

Brent was about $72 per barrel at the end of February 2026, roughly $0.46 per litre. After the Iran war disrupted tanker traffic through the Strait of Hormuz from March, Brent swung between about $72 and $118 on a closing basis through the spring and summer, with an intraday high of about $126 at the end of April. By mid-October it was near $106, about $0.67 per litre. For the background, read what moves oil prices and oil price history, or follow the live crude oil price chart.