As of February 2, 2026, fuel prices are subject to change, influenced by a blend of global events and government initiatives. Here's a breakdown of what drivers need to know:
Global Influences: World oil prices are expected to decrease slightly this week, but will likely remain high due to continuing concerns about potential market supply disruptions. Geopolitical tensions, particularly those involving the U.S. and Iran, and instability in the Middle East, continue to be closely monitored by investors and pose a risk to global oil supply. Broader factors, such as adjustments to U.S. trade policy, demand forecasts from China, and OPEC+ production strategies, will also play a significant role in shaping oil price trends.
UK Fuel Finder Scheme: A new regulation in the UK that takes effect today, February 2nd, requires all petrol stations to update their fuel prices within 30 minutes of any change. The government-backed Fuel Finder website will compile and share near real-time road fuel price data, increasing transparency and empowering consumers to locate the most affordable fuel options. This initiative is designed to prevent overcharging and help motorists reduce their fuel expenses, potentially saving households up to £40 annually. Fuels Industry UK has confirmed that participation in the Fuel Finder scheme is mandatory for all petrol stations, whether independently operated or part of a larger group.
2025 Fuel Price Averages (UK): Throughout 2025, petrol averaged 135.69p per litre, and diesel averaged 142.96p. These figures represent decreases of 6.5p and 5.7p, respectively, compared to 2024 averages (142.23p for petrol and 148.67p for diesel). The lowest prices in 2025 were recorded on June 9th, with petrol at 132.03p and diesel at 138.14p.
Regional Price Variations (USA): As of January 26, 2026, the U.S. average price for regular gasoline was $2.853 per gallon. Prices varied across regions, with the West Coast having the highest average at $3.705, while the Gulf Coast had the lowest at $2.455. California's average was even higher at $4.040. Diesel prices also showed regional disparities.
Other Factors: * Domestic Fuel Price Adjustments: In some regions, domestic fuel prices have recently experienced upward adjustments. For example, E5RON92 gasoline increased by 56 VND/liter, RON95 gasoline increased by 214 VND/liter, and diesel increased by 473 VND/liter. * Crude Oil Subsidy Requests: Calls for crude oil subsidies have emerged in some areas due to petrol price increases. One refinery increased its gantry price of petrol from N699 to N799 per litre, leading to concerns about the impact on consumers.
Impact on Consumers: Consumers are advised to monitor fuel prices closely and utilize available resources, such as the UK's Fuel Finder scheme, to make informed decisions about where to purchase fuel. Price increases may lead to more conservative fuel consumption habits among consumers.