on why the price of fuel on bowser is high?
Because of a number of market factors and one being Russian Ukraine war.
Same reason why the price of wheat is so high.
Plus you have everything else from shipping, storage, inflation, port congestions , CPI, Chemical Index, down to price of wooden pallets going up by double or more since covid happened, has contributed to petrol prices going up.
I monitor base oil prices (SN500 and SN 150 out of Singapore) every month as I manage prices of fuel and lubricants for one of my clients and right now the price of base oil is falling globally.
Having said that the above mentioned variables (other than the base oil price) can still dictate if the price at the petrol station goes down or not.
I have said this before, refineries don't make any money from selling gasoline or diesel as much they make from selling Jet Fuel.
There is no money for the likes of Shell, BP, Mobil in small margins they make at the bowser that is why they have all left Australia and gone up stream where the big dollars are.
On another note, Yes there is shit load of oil in the planet , we have not even tapped into 10% of what is available. However it comes down to how cost effectively you can take it out of the ground.
Venezuela has got same amount of oil as Iran or Saudi but they cost of product is way higher than these two hence why Venenzuela will never become a major supplier to anyone cos you will always have SAudi, Qatar, Canada , Iran under cutting it.