That should have meant that the fuel cost at the pump should have been no more than 46 cents at the pump - however, at that time it was still around 1.60€ - the math doesn't add up, does it?
It costs to refine the oil. Also, the price the refineries pay is probably not the spot price but something much more complex based on long term contracts and hedging using derivatives.
I wonder what the "real cost" is once all the shite is taken out of it.
Good question.