No, it's nothing to do with that.
Unless you've had your head in the sand for the past, ooh, ever, you'll have noticed that people talk about the price of oil - it's the one quoted in dollars per barrel. This has been going up rather a lot recently, and oil companies are normal businesses - they sell their product at the market rate. So even if it costs $2/barrel for them to get the oil (which is very much at the cheap end), there's no way you're paying less than the $120 or so it sells for at the moment.
If it hits 1.50/litre on the forecourt any time soon, it won't be to do with tax, it'll be to do with the price of the raw product.
clive