The price paid at the pump for gasoline consists of the following components:

Crude Price

Refining Margin

Marketing Margin

Taxes

The refining margin is the difference between the price of crude oil and the wholesale price at which the refiner sells gasoline and diesel.

The marketing margin is the difference between the wholesale and retail prices of gasoline, before taxes are added.

The retail price with tax includes the crude price, refining margin, marketing margin and applicable taxes.