Crude oil is a fossil fuel that is a dark sticky liquid composed mainly of hydrogen and carbon. It is refined to produce gasoline, kerosene, diesel, fuel oil, petroleum jelly, wax, and residue. Historically, crude oil prices were determined by administrative mechanisms set by governments, but most countries now use international market prices set by supply and demand. Crude oil is classified and benchmarked based on its geographic origin, density, and sulfur content, with over 60% of countries using Brent crude as a benchmark. Factors like transportation costs, taxes, subsidies, currency fluctuations, demand, refining capacity, and speculation all contribute to variations in end-user fuel prices between countries.