Fuel prices are always a topic of interest for consumers and businesses alike, and recent developments show some interesting trends as December 19 approaches. Here's a look at what's happening with petrol and diesel prices in various regions.

North America

In Nova Scotia, Canada, residents are getting a pre-Christmas gift at the pumps. Gas prices are expected to drop by 5.5 cents per litre, bringing the average price to around $1.26 per litre. Diesel prices are also set to decrease by 6.7 cents per litre.

In the United States, the national average for regular gasoline is $2.896. Diesel prices are currently averaging $3.607 per gallon, a decrease from $3.665 the previous week but an increase from $3.458 a year ago. This reflects a change of -1.58% from last week and a 4.31% increase from the previous year. Regional variations exist, with the West Coast generally having the highest prices. For example, in California, the average price for regular gasoline is $4.163 per gallon.

Asia

In Nepal, the Nepal Oil Corporation recently increased petrol prices by Rs 2 per litre while decreasing diesel and kerosene prices by Rs 4 per litre. Following the revision, petrol prices are now Rs 160.50 per litre in Grade I regions, Rs 162 in Grade II, and Rs 163 in Grade III. Diesel and kerosene prices are fixed at Rs 139.50 per litre in Grade I regions, Rs 141 in Grade II, and Rs 142 in Grade III.

In India, petrol prices vary from state to state due to factors like state taxes, transportation costs, and local regulations. As of December 17, 2025, petrol prices in major cities were: New Delhi (₹94.77 per litre), Mumbai (₹103.54 per litre), Bangalore (₹102.92 per litre), Hyderabad (₹107.46 per litre), and Chennai (₹101.03 per litre). Petrol prices in India are revised daily at 6 a.m..

Factors Influencing Price Changes

Several factors contribute to fluctuations in fuel prices. These include:

• Geopolitical Factors: Optimism surrounding potential peace agreements, such as between Russia and Ukraine, can influence prices due to Russia's significant role in crude oil production.
• Supply and Demand: Sufficient global oil supply coupled with low demand can lead to price decreases.
• Inventory Levels: Reports showing significant drops in U.S. oil inventories can cause prices to rise.
• Refinery Margins: Geopolitical developments can impact refinery margins and diesel prices.
• Taxes and Regulations: State and local taxes, as seen in the varying prices across India, play a significant role in the final price consumers pay.

Looking Ahead

Motorists in some regions can anticipate a rollback in fuel prices leading up to Christmas. In the Philippines, for example, a price rollback is expected next week, with gasoline potentially decreasing by P1.20 per liter and diesel by P1.70 per liter. These anticipated decreases are attributed to optimism regarding a potential peace agreement between Russia and Ukraine, along with sufficient global supply and low demand.

It's important to note that these are just snapshots of prices in certain locations. Fuel prices are dynamic and can change rapidly based on a variety of market forces.