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Petrol, Diesel Prices Today: OPEC+ Decision Raises Fresh Concerns, Check August 3 Fuel Rates in Delhi, Mumbai, Bengaluru & More
Global crude oil prices remain firm after OPEC+ completes its production cut rollback, keeping fuel price concerns alive for India. Here’s the latest petrol and diesel price list for major cities on August 3.
Fuel prices across India’s major cities remained unchanged on August 3, even as global oil markets closely monitored the latest production decision by OPEC+, a move that could influence crude prices in the coming months.
Benchmark Brent Crude hovered around the $85 per barrel mark after OPEC+ approved an increase of nearly 188,000 barrels per day (bpd) in oil production from September. The decision effectively completes the rollback of a major voluntary production cut introduced in 2023 by key oil-producing nations, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
Despite the production increase, analysts believe the immediate impact on global oil supply could remain limited due to ongoing export disruptions linked to geopolitical tensions in the Middle East and Eastern Europe.
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Why Global Oil Prices Matter for India
India imports more than 85% of its crude oil requirements, making international crude prices one of the biggest factors influencing the country’s fuel costs.
When crude oil prices remain elevated, India’s import bill rises significantly, increasing pressure on inflation and potentially affecting petrol and diesel prices in the future. Apart from crude prices, domestic fuel rates are also determined by central and state taxes, refining costs, transportation expenses and fluctuations in the Indian Rupee against the US Dollar.
Market experts also suggest that OPEC+ may avoid further production changes in the coming months as it assesses the possibility of excess global supply.
Petrol Prices in Major Indian Cities (August 3)
| City | Petrol Price |
|---|---|
| Delhi | ₹102.12/litre |
| Mumbai | ₹111.12/litre |
| Kolkata | ₹113.43/litre |
| Chennai | ₹107.75/litre |
| Bengaluru | ₹110.93/litre |
| Hyderabad | ₹115.74/litre |
Diesel Prices in Major Indian Cities (August 3)
| City | Diesel Price |
|---|---|
| Delhi | ₹95.20/litre |
| Mumbai | ₹97.78/litre |
| Kolkata | ₹99.78/litre |
| Chennai | ₹99.57/litre |
| Bengaluru | ₹98.79/litre |
| Hyderabad | ₹103.90/litre |
Will Fuel Prices Increase?
While there has been no immediate revision in retail fuel prices, developments in the global oil market remain crucial for Indian consumers.
Any sustained rise in crude oil prices could increase fuel marketing companies’ costs, potentially resulting in higher petrol and diesel prices if international prices remain elevated for an extended period.
For now, motorists can expect prices to remain stable, but market participants will continue tracking OPEC+ production policies, geopolitical developments and global demand trends that may shape fuel prices in the weeks ahead.
