That is the same in many countries. So when the oil price dropped 70%, the pump price just drop 25%. The government takes most of the money.
Actually, this is good thinking from the part of the governments. If they reduce the price of gasoline by a large margin, then the consumption will spiral out of control. This will result in increasing demand for crude oil, thereby propelling the crude price to the 2014-levels. By keeping the gasoline prices stable, the governments will be able to reduce the revenue deficit, and keep the crude oil price in the $30-$40 range for the long term.
