What is the lag time between a raise in oil prices (barrel) and what the consumer pays at the pump? ?

Question

What is the lag time between a raise in oil prices (barrel) and what the consumer pays at the pump? ?

Answer 1

Although there is a lag between the cost of production going up and the world price going up, oil producers put up their prices immediately (usually within 24 hours). This is so they can cover costs as when prices go down they do the same. This means they may be selling petrol below cost and have made up this "loss" when the prices were high. (Cost includes 'normal profits')

Answer 2

Where I live - nothing!  I swear the prices are changed before the sentence about the increase has ended.