Why are petrol and diesel so expensive despite crude oil not reaching record highs?

The prospect of peace between Iran and the US has sent oil prices sharply higher and lower in recent months. Brent crude, the international benchmark, has traded between about $73 and $126 a barrel since the end of February and was around $95 on Friday. European fuel prices have followed these movements. But petrol and diesel have remained particularly expensive because their prices also reflect the cost and availability of refining—not only the price of crude oil. Although electric cars account for a growing share of new registrations, petrol and diesel still power almost nine in 10 passenger cars on…