The US-Iran initial agreement primarily affected global crude oil prices, which fell sharply after markets anticipated the reopening of the Strait of Hormuz, the easing of sanctions on Tehran, and the return of Iranian oil exports.
While Oil prices fell more than 3 percent on Thursday to their lowest since the first trading day of the Iran war (Crude oil dropped below $75 per barrel), US gas prices fell below $4 a gallon on average. It is the first time since March that the average cost for a regular gallon has been that low, the Associated Press reported.
Gas prices are at $3.999 on average in the US, according to motor club AAA. The drop below $4 follows a 15 percent decline in the price of US crude this month. However, fluctuations in gas prices remain across the country. In California, gas prices are averaging $5.64 per gallon, while in South Carolina it’s $3.58 per gallon.
Where else have gas prices fallen in recent days? Here’s a list of countries with the cheapest and most expensive gasoline rates.
Gasoline prices in most countries do not change immediately on the day of a geopolitical development. Retail fuel prices are often revised weekly or monthly.
However, the most recent comprehensive country-wise petrol price database available around June 17-18 is from GlobalPetrolPrices.com, which publishes weekly gasoline prices.
The latest Global Petrol Prices weekly gasoline update for the week ending June 15, 2026, recorded the global average price of gasoline at $1.51 (USD) per litre.
Change in fuel prices in India
During this period, the average price for gasoline in India stood at ₹108.71 per liter (≈ $1.15 USD). As per the , India saw a 7 percent increase in gasoline prices, 8.3 percent increase in diesel prices, and 11.4 percent increase in LPG prices in three months (between March 16 to June 15).
India, as a net importer of crude oil, relies heavily on energy supplies from the Middle East.
Will the Iran-US interim deal impact oil prices in India? After the deal was signed on June 18, experts say consumers in India may not immediately benefit from the drop in global fuel prices.
Vaibhav Porwal, Co-founder of Dezerv, told Mint earlier that the government may choose to maintain for some time.
“The government didn’t pass on the full impact of the energy price increase to consumers. They may hold prices at current levels to allow oil marketing companies to recover some of the losses before reducing prices,” he said.
Top 20 countries with cheapest gasoline prices in the world
| Rank | Country | Gasoline Price (US$/Litre) |
|---|---|---|
| 1 | Libya | $0.024 |
| 2 | Iran | $0.029 |
| 3 | Venezuela | $0.035 |
| 4 | Kuwait | $0.341 |
| 5 | Algeria | $0.353 |
| 6 | Turkmenistan | $0.428 |
| 7 | Egypt | $0.479 |
| 8 | Qatar | $0.577 |
| 9 | Angola | $0.588 |
| 10 | Saudi Arabia | $0.621 |
| 11 | Oman | $0.622 |
| 12 | Iraq | $0.649 |
| 13 | Kazakhstan | $0.661 |
| 14 | Azerbaijan | $0.676 |
| 15 | Sudan | $0.700 |
| 16 | Bahrain | $0.713 |
| 17 | Vietnam | $864 |
| 18 | Nigeria | $0.867 |
| 19 | Tunisia | $0.867 |
| 20 | Ecuador | $0.875 |
Top 20 Most Expensive Petrol Prices in the World (June 2026) (US$/Litre)
- Hong Kong: 4.103
- Malawi: 3.577
- Israel: 2.761
- Denmark: 2.633
- Netherlands: 2.611
(Source of information/data: )
