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Oil has fallen from about $115 (£72) per barrel in June to about $84 per barrel, a decline of about a quarter.
In comparison, petrol prices in the UK have fallen from a high of about 131.7p per litre in the summer to 124.22p - a decline of about 6%.
Diesel dropped from 136.37p to 128.58p.
Campaigners argue that taxes account for the bulk of UK pump prices, and that the government therefore has more power to reduce prices than petrol companies.
According to analysis by the AA, out of the 124.22p average paid for a litre of petrol, about two-thirds is accounted for by a combination of Value Added Tax (VAT), at 20%, and fuel duty, at 57.95p.
Arthur Renshaw, an analyst at Experian, says that if VAT and fuel duty are stripped out, the underlying price of petrol has dropped by 21% since last year.
Additionally, because oil is traded in dollars, the weaker pound has reduced the effect of the drop in oil for UK consumers.
In comparison, petrol prices in the UK have fallen from a high of about 131.7p per litre in the summer to 124.22p - a decline of about 6%.
Diesel dropped from 136.37p to 128.58p.
Campaigners argue that taxes account for the bulk of UK pump prices, and that the government therefore has more power to reduce prices than petrol companies.
According to analysis by the AA, out of the 124.22p average paid for a litre of petrol, about two-thirds is accounted for by a combination of Value Added Tax (VAT), at 20%, and fuel duty, at 57.95p.
Arthur Renshaw, an analyst at Experian, says that if VAT and fuel duty are stripped out, the underlying price of petrol has dropped by 21% since last year.
Additionally, because oil is traded in dollars, the weaker pound has reduced the effect of the drop in oil for UK consumers.