Petrol, diesel prices today — 3 Aug: Fuel rates in Delhi, Mumbai, Bengaluru as Brent falls on US-Iran deal optimism
Petrol and diesel prices today, 3 August: Retail fuel rates changed marginally across Indian cities on Monday but continue to align with the last major
Petrol and diesel prices today, 3 August: Retail fuel rates changed marginally across Indian cities on Monday but continue to align with the last major price adjustment that came about over two months, on 25 May. Hence, domestic fuel rates have been steady despite fluctuation in Brent price. The global benchmark traded lower on 3 August in early Asia trade, after futures surged almost a quarter in July. Brent crude price today Oil plunged amid positive outlook over US-Iran deal after US President Donald Trump announced that fresh talks will resume with the Islamic Republic on Monday. Trump said he’d agreed to cancel the planned attack on Iran after allies in the West Asia, including Saudi Arabia, persuaded him to pursue a deal. As optimistic sentiment flooded the market over possibility of finalisation of a deal in the near term to reopen the Strait of Hormuz, Brent declined as much as 7.3% to $81.55 a barrel, while West Texas Intermediate traded below $81.
Last month, following the collapse of a June truce, Brent climbed $32 as fighting resumed and spread to the Red Sea and Jordan. The volatility in global oil prices did not trickle down to retail Indian markets as state-owned oil marketing companies (OMCs) set retail petrol and diesel rates, shielding consumers from fluctuations. Check latest petrol and diesel price in your city on 3 August City Petrol Price Diesel Price New Delhi ₹ 102.12 ₹ 95.20 Mumbai ₹ 111.18 ₹ 97.83 Kolkata ₹ 113.51 ₹ 99.82 Chennai ₹ 107.76 ₹ 99.55 Gurugram ₹ 102.97 ₹ 95.64 Noida ₹ 101.89 ₹ 95.37 Bengaluru ₹ 111.68 ₹ 99.56 Bhubaneswar ₹ 109.33 ₹ 101.02 Chandigarh ₹ 101.54 ₹ 89.47 Hyderabad ₹ 115.69 ₹ 103.82 Lucknow ₹ 101.86 ₹ 95.36 Patna ₹ 113.37 ₹ 99.36 Jaipur ₹ 112.69 ₹ 97.78 Thiruvananthapuram ₹ 115.49 ₹ 104.40 *Source: Good Returns US-Iran war update After calling off the attack on Iran, Trump on Sunday said, “It would have been the biggest attack since World War II,” adding, “We’re just going to see whether or not we can make a deal,” Bloomberg reported.
In an earlier post on Truth Social, Trump suggested a deal on reopening the Strait of Hormuz may be close and stated, “we have just been asked by Iran, and other Middle Eastern Countries, to hold off any attack in that the perimeters of a deal has been agreed to. This would include the Immediate, Complete, and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran’s nuclear threat. Based on this request, I have agreed, for the future benefit of the WORLD.” Also Read | E20 petrol can reduce fuel economy by 2-6%: Nitin Gadkari Iranian Foreign Minister Abbas Araghchi also confirmed resumption of talks and on Telegram said that negotiations between Iran and Oman are in the final stages. In an interview on Iranian state-run TV, Araghchi spokesman Esmail Baghaei said that the talks don’t cover whether the strait will be closed or open.
The BriefWire