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Fuel is the refined version of Oil, and is produced by putting Oil into a Refinery. It is highly recommended to do so, as fuel is significantly more efficient than oil when burned in a Combustion Engine.
A Fuel Bucket and 3 empty Fuel Cans can be placed in the Industrial Centrifuge to create 3 filled Fuel Cans. This takes 25 seconds and requires 2,500 EU. Each filled Fuel Can will generate 100,000 EU at 10EU/t in a Generator, or 384,000 EU at 12 EU/t in a Diesel Generator. This is therefore an easy way to convert Oil/Fuel into EU.
One of the most efficient ways to convert Fuel into EU is by burning it in a 36-block-Steam Boiler. Doing so will generate a whopping 1,363,636 EU per Fuel Bucket, provided the boiler is at 100% heat capacity. To get this amount of EU, attach 18 Industrial Steam Engines to the boiler, use the 144 MJ/t for generating Lava out of Netherrack in 5 Magma Crucibles. With the Lava you can operate 14 Thermal Generators (if GregTech 4 is installed), which will produce 336 EU/t at 24 EU/p. There is a small leftover of Lava by using this conversion. Alternatively, you can directly convert the 144 MJ/t into 350 EU/t via Power Converters for much less complexity in the setup, as well as not needing a constant supply of Netherrack.
If DartCraft mod is included, there is an even better way to convert Fuel into EU - by using it in a Force Engine with Crushed Ice as throttle and then converting the energy using either the Magma Crucible method of conversion or the simpler method of using Power Converters. Using this technique will generate 3 million EU per bucket of Fuel, which makes this way of converting the most efficient.