Fuel prices are constantly in flux, influenced by a complex web of global factors. As of February 5, 2026, consumers are keenly observing the latest adjustments in petrol and diesel rates across various cities. Several elements contribute to these price changes, including international crude oil prices, geopolitical tensions, and domestic market dynamics.
Global Crude Oil Market
The price of crude oil, a primary ingredient in petrol and diesel, plays a crucial role in determining the final cost at the pump. On February 5, 2026, crude oil prices experienced a slight decrease, falling to $64.47 USD per barrel, a 1.04% drop from the previous day. Despite this daily dip, crude oil has seen a 12.84% increase over the past month; however, it remains 8.70% lower than the price a year ago. These fluctuations are often attributed to factors such as production levels, global demand, and geopolitical events. Tensions involving major oil-producing nations can create uncertainty and price volatility. For instance, recent news of Washington rejecting Iran's proposal regarding talks has heightened concerns about potential disruptions in the Strait of Hormuz, a critical route for approximately 20% of the world's oil supply.
Domestic Fuel Prices
In the United States, the average price for regular unleaded gasoline is $2.887 as of February 4, 2026. Diesel prices are also being closely monitored, with the current average standing at $3.635. These figures reflect slight increases compared to the previous week and month, but remain lower than the prices seen a year ago. Various factors influence these prices at the local level, including state taxes, transportation costs, and regional supply and demand dynamics.
Regional Price Variations
Fuel prices can vary significantly from one city or region to another. Several factors cause these variations such as local taxes, transportation costs, and specific market conditions. To find the exact rates for petrol and diesel in your city on February 5, 2026, it's advisable to check with local fuel retailers or utilize online resources that provide real-time price updates for your specific area.
Factors Influencing Price Adjustments
Several factors can influence the adjustments in fuel prices. These include:
- Geopolitical Tensions: Events such as conflicts or political instability in oil-producing regions can lead to supply disruptions and price increases.
- Economic Indicators: Factors such as currency exchange rates, inflation, and overall economic growth can impact fuel prices.
- Seasonal Demand: Increased travel during certain times of the year can drive up demand and prices.
- Government Policies: Taxes, subsidies, and regulations related to fuel production and distribution can significantly affect prices.
- Refinery Capacity: The capacity and operational status of refineries can impact the supply of petrol and diesel, influencing prices.
Price Trends
Gasoline prices have generally increased over the past month. However, prices are still lower than they were a year ago. Diesel prices in the U.S. are currently at $3.681, which is up from $3.624 last week and $3.659 a year ago.
Conclusion
Fuel prices are subject to constant change, reflecting the interplay of global and local factors. As of February 5, 2026, consumers are seeing slight fluctuations in petrol and diesel rates. Keeping informed about these dynamics can help individuals make informed decisions about their transportation costs.