On February 9, 2026, fluctuations in petrol and diesel prices are being observed across different regions, influenced by a mix of global and local factors. These factors include international crude oil prices, geopolitical tensions, and domestic market dynamics.
Global Market Overview
Crude oil prices are showing a slight decrease, with Crude Oil falling to $63.14 USD per barrel on February 9, 2026. This represents a 0.64% decrease from the previous day. However, over the past month, crude oil prices have risen by 6.12%, but are still 12.69% lower than a year ago. Market analysts anticipate crude oil to trade around $64.53 USD per barrel by the end of the current quarter and potentially reach $70.59 in the next 12 months.
Similarly, gasoline prices have also experienced a slight dip, with gasoline falling to $1.94 USD per gallon on February 9, 2026, a 0.40% decrease from the previous day. Despite this, gasoline prices have increased by 7.78% over the past month but remain 7.60% lower than the previous year. Forecasts suggest gasoline will trade at $1.98 USD per gallon by the end of this quarter and could rise to $2.15 in 12 months.
Tensions between the U.S. and Iran continue to contribute to market volatility, particularly concerning potential disruptions to oil flows through the Strait of Hormuz. About one-fifth of global oil consumption passes through this strait, making it a critical chokepoint.
Regional Price Variations
In the United States, the national average price for regular gasoline is approximately $2.897 per gallon as of February 8, 2026. Diesel prices average around $3.644 per gallon. These figures show a slight increase from the previous week and month, but are still lower than the prices a year ago. Hawaii records the highest average price for regular gasoline at $4.411, while other states like New Jersey and Rhode Island have lower prices.
Factors Influencing Price Adjustments
Several factors are influencing these price adjustments. OPEC+'s decisions regarding oil production levels, fluctuations in the U.S. dollar's value, and ongoing geopolitical tensions all play a role. Additionally, U.S. crude oil inventory levels and the military conflict between Russia and Ukraine continue to exert pressure on the global oil market.
Expert Outlook
The U.S. Energy Information Administration (EIA) projects that U.S. gasoline prices in 2026 will average just over $2.90 per gallon, which is nearly 20 cents lower than in 2025. They also forecast a further decrease in crude oil prices, averaging $52 per barrel in 2026 and $50 per barrel in 2027. These projections are based on expectations of global oil production exceeding demand, leading to increased inventories.
Impact on Consumers
Fluctuating fuel prices directly impact consumers, affecting transportation costs and overall household expenses. Monitoring these price trends and understanding the underlying factors can help individuals and businesses make informed decisions regarding fuel consumption and budgeting.