US Petrol Prices Surge Sharply, Highest Since 2022

Petrol prices in the United States have surged to their highest level since 2022, alongside a sharp rise in global oil prices that have broken through $100 per barrel amid the escalation of conflict in the Middle East. According to AAA data, the national average petrol price rose above $3.91 per gallon (equivalent to 3.785 litres) on Friday (20/3/2026). Over the past month, the price has increased sharply by $0.98 per gallon. Converted at an exchange rate of Rp16,971 per US dollar, this equates to approximately Rp66,356 per gallon, with a monthly increase of around Rp16,631 per gallon. With the current trend, petrol prices could breach $4 per gallon in the near future, or about Rp67,884 per gallon. Patrick De Haan, head of petroleum analysis at GasBuddy, stated that this possibility is very open. “It looks very possible right now,” he said. The surge in oil prices is the main factor. Since the Iran war broke out, oil prices have risen more than 40%. Additionally, the use of more expensive summer fuel blends has contributed to the price increase at the consumer level. This policy is seen as having only a limited impact on fuel prices but helps smooth energy distribution in the domestic market. Meanwhile, diesel prices in the US have also surged sharply. Over the past month, diesel prices have risen around 38% to exceed $5 per gallon, equivalent to about Rp84,855 per gallon, the highest level in the past four years. The rise in fuel prices, especially for trucks and heavy equipment, is a concern because around 70% of goods distribution in the US relies on road transport. Oil prices themselves continue to strengthen. The US benchmark crude, West Texas Intermediate, has risen above $95 per barrel (around Rp1.61 million). Meanwhile, the global benchmark, Brent crude, has broken through $103 per barrel (around Rp1.75 million). This increase was triggered by the latest escalation in conflict following Israel’s attack that damaged a major gas processing facility in southwestern Iran. Tehran then retaliated by targeting energy infrastructure in the region. This situation has made the oil market move quickly. Dennis Kissler, Senior Vice President at BOK Financial, described the current situation as a “fast market” that is highly sensitive to geopolitical developments. Analysts at RBC Capital Markets estimate that global oil prices could exceed $128 per barrel (around Rp2.17 million) if the conflict continues for three to four weeks. If it lasts for months, global oil prices could even surpass the 2008 record of $146 per barrel (around Rp2.47 million).