On August 3, 2026, India's petrol and diesel prices were held steady by state-run oil companies, despite a surge in global crude oil rates. Brent crude exceeded $90 per barrel, driven by geopolitical tensions and supply concerns.
Petrol and diesel prices across India remained unchanged on Monday, August 3, 2026, even as global crude oil prices continued to stay elevated. State-run oil marketing companies (OMCs), including Indian Oil Corporation (IOCL), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL), retained retail fuel prices across major cities after the daily revision at 6 am.
The stability in domestic fuel prices comes despite a sharp rally in international crude markets. Brent crude settled at $90.12 per barrel, while US West Texas Intermediate (WTI) crude closed at $84.67 per barrel in the previous trading session after gaining more than 1%. Rising geopolitical concerns and supply expectations have continued to support global oil prices.
Petrol & Diesel Prices on August 3, 2026
| City | Petrol (Rs /litre) | Diesel (Rs /litre) |
| Delhi | Rs 102.12 | Rs 95.20 |
| Mumbai | Rs 111.21 | Rs 103.12 |
| Kolkata | Rs 113.51 | Rs 98.32 |
| Chennai | Rs 108.01 | Rs 100.16 |
| Bengaluru | Rs 110.89 | Rs 101.01 |
| Hyderabad | Rs 115.73 | Rs 107.61 |
According to the report, analysts believe OPEC+ is unlikely to make immediate changes to production levels. As noted in the report: "Having completed the restoration campaign, OPEC+ has little incentive to rush into further supply changes. Our base case is a fourth-quarter pause while the group prepares for the 2027 quota negotiations."
Despite higher crude prices globally, fuel rates in India have remained steady. Retail petrol and diesel prices are influenced not only by international crude prices but also by factors such as the rupee-dollar exchange rate, freight charges, dealer commissions, central excise duty and state-level VAT. Since taxes differ from state to state, fuel prices vary across cities.
India follows a dynamic fuel pricing mechanism under which OMCs review fuel prices every day. However, a daily review does not necessarily mean prices change every day. Companies often keep rates unchanged for extended periods depending on market conditions and policy considerations. Fuel prices are updated every morning at 6 am.
Motorists are advised to check the latest city-wise fuel prices before refuelling, especially while travelling between states, as VAT and local taxes continue to create differences in pump prices across India. Although international crude prices remain volatile, consumers have not seen any change in retail petrol and diesel rates on August 3.
