C. C. Wakefield and Company, a manufacturer of lubricating oils, was founded by Charles Cheers Wakefield on the 19th March 1899 in London. The company was originally named the Wakefield Oil Company. In 1909, the company began production of a new automotive lubricant named Castrol (a contraction of Castor oil, from which it was made). The company developed specific oil applications for various applications of the new internal combustion engine, including automobiles, motorcycles, and aircraft. It was in 1917 that the company was first advertised as C. C. Wakefield and Co., a registered company.

In the following years Castrol oil products were to be found in all aspects of the transport industry, in particular working with pioneering aviators and motorists, such as, helping flight pioneers Alcock and Brown for their first non-stop flight across the Atlantic. In 1925, M. Campbell sets a new World Land Speed record. W. Handley becomes the first rider to win two Isle of Man TT races in one week. Bentley win Le Mans in 1928 at an average speed of 69 mph. Castrol was also used as a product of choice by F1 teams, World rally teams, Thrust SSC world land speed record and Queen Elizabeth 2 cruise liner etc.

In 1960, the company name changed to Castrol Ltd. There was a transfer of the head office to a new building, Castrol House, Marylebone Road. In 1966, Castrol Ltd was acquired by British oil company Burmah, which was renamed Burmah-Castrol in 1967. In 2000, Burmah-Castrol was acquired by the then BP Amoco plc (now renamed BP plc). Castrol branded lubricants continue to be sold around the world and are, in many countries, market leaders.