Petrol, diesel prices today — 3 Aug: Fuel rates in Delhi, Mumbai, Bengaluru as Brent falls on US-Iran deal optimism
Petrol, diesel prices today — 3 Aug: Retail fuel rates held steady on 3 August, despite a drop in Brent crude caused by news of renewed US-Iran talks. Check fuel rates in Delhi, Mumbai, Bengaluru, Kolkata and other cities.
On 3 August, petrol and diesel prices in major Indian cities remained stable, mirroring the lack of change since a price adjustment on 25 May. This steadiness persisted despite fluctuations in the global benchmark, Brent crude, which saw a decline after trading lower in early Asia trade. The drop in Brent was partly due to optimism surrounding a possible US-Iran deal, following US President Donald Trump's announcement that talks would resume with Iran.
Trump stated he had agreed to cancel a planned attack on Iran after allies persuaded him to pursue negotiations. As the market reacted positively to the prospect of a deal, Brent fell by up to 7.3% to $81.55 a barrel. Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL), and Hindustan Petroleum Corp Ltd (HPCL) set retail petrol and diesel rates, protecting consumers from oil price volatility.
In July, fuel sales at these state-run fuel retailers rose 9.7% year-on-year for petrol and 10.7% for diesel, likely driven by below-normal monsoon rainfall boosting demand from farmers and motorists.
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