Petrol, Diesel Prices On August 1: Fuel Rates In Mumbai, Delhi, More Cities After 24% Jump In Oil Prices

Petrol and diesel prices in India are broadly steady in the majority of metro cities on August 1, 2026, despite a sharp surge in crude oil prices by 23% to 24% in the overall month of July. There are a couple of paisa falls and hikes in some cities; however, in Delhi, Mumbai, and Kolkata, fuel prices are unchanged. This also comes at a time when the government approved the National Offshore Exploration Scheme—'Samudra Manthan'—to ', to boost domestic oil and gas production amidst the West Asian war.

Petrol Prices In India:

In Delhi, petrol price in unchanged at Rs 102.12 per litre on August 1st, while the rate is steady at Rs 113.51 in Kolkata and at Rs 111.21 in Mumbai. However, petrol price is up by 9 paisa in Chennai to Rs 108.87, higher by 22 paisa in Gurgaon to Rs 102.97 per litre but lower by 7 paisa in Noida to Rs 101.89. In Bengaluru, petrol is up by 75 paisa to Rs 111.78 on Saturday.

In Lucknow, petrol price fell by Rs 82 to Rs 101.86 but rose by Rs 1.30 in Patna to Rs 114.67. In Thiruvananthapuram, petrol is up 23 paise to Rs 115.49 per litre.

City	Price	Price Change
New Delhi	₹102.12	0.00
Kolkata	₹113.51	0.00
Mumbai	₹111.21	0.00
Chennai	₹107.87	+0.09
Gurgaon	₹102.97	+0.22
Noida	₹101.89	-0.07
Bangalore	₹111.68	+0.75
Bhubaneswar	₹108.97	0.00
Chandigarh	₹101.54	0.00
Hyderabad	₹115.73	0.00
Jaipur	₹113.97	0.00
Lucknow	₹101.86	-0.82
Patna	₹114.67	+1.30
Thiruvananthapuram	₹115.49	+0.23

Diesel Prices In India:

In case of diesel, the rates were unchanged to Rs 95.20 per litre in Delhi, to Rs 99.82 per litre in Kolkata and to Rs 97.83 per litre in Mumbai.

Among cities, diesel price rose by a couple of paisas in Chennai, Gurgaon, Bengaluru, Patna, and Thiruvananthapuram.

Diesel is still above Rs 100 per litre in cites like Hyderabad, Bhubaneswar, Patna and Thiruvananthapuram.

On the contrary, diesel became mildly cheaper in Noida and Lucknow.

Crude Oil Prices

US WTI Crude oil price surged by nearly 23.5% in July 2026 to close the month around $85 per barrel and Brent Crude soared by nearly 23% to end the month near $88 per barrel. Oil prices are elevated.

Crude oil recorded its strongest monthly surge since March, driven by escalating geopolitical tensions and growing concerns over global oil supplies. Iran claimed it attacked two tankers transiting the Strait of Hormuz under US military escort, though Western maritime authorities have not confirmed the incident. Renewed conflict between the US and Iran, Houthi attacks in the Red Sea, and Saudi strikes on Iran-backed groups have heightened risks to key shipping routes. Falling US crude inventories have added further upward pressure on prices, as per Trading Economics data.

It added that attacks near Russia's Black Sea oil export infrastructure, including the Caspian Pipeline Consortium (CPC) terminal, have raised concerns about disruptions to Kazakhstan's oil exports, an important source for European refiners. Although the CPC decided to continue operations, uncertainty over supply security continues to support higher oil prices.

Explaining further, as per CareEdge report, a sustained rise in crude prices would widen India's current account deficit, put upward pressure on inflation, increase depreciation pressures on the rupee, and elevate hedging and input costs for import-dependent sectors. Vulnerabilities are particularly high for LPG and LNG supplies, given India's significant reliance on the Strait of Hormuz for these imports. Indian companies operating in affected sectors would likely face pressure on profit margins due to higher raw material costs, elevated logistics and insurance costs, as well as higher working capital requirements.

Samudra Manthan Scheme:

On July 31st, Prime Minister Narendra Modi's government approved 'Samudra Manthan' - the National Offshore Exploration Scheme—with an outlay of Rs 84,084 crore for implementation up to FY 2030-31.

As per the Oil Ministry statement, Samudra Manthan is expected to catalyze reserve accretion of over 600 million metric tons of oil equivalent (MMTOE), substantially increase offshore exploration activity, promote higher domestic oil and gas production, generate large-scale employment, strengthen indigenous manufacturing under Make in India and Atmanirbhar Bharat, and foster a globally competitive ecosystem for offshore technologies and services.

The scheme is also expected to stimulate significant investments across the exploration and production value chain, creating long-term opportunities for industry, innovation and economic growth.

Samudra Manthan encompasses a comprehensive set of interventions across the offshore exploration value chain. It provides for large-scale acquisition, processing, and interpretation of high-quality seismic data, accelerated deepwater and ultra-deepwater exploratory drilling, scientific drilling in frontier basins, development of common offshore production and evacuation infrastructure, and establishment of an integrated Oil & Gas Manufacturing and Services Zone.

Also, it is equipped with dedicated provisions for digital programme management, capacity building, technology adoption, stakeholder engagement and international outreach, creating an integrated ecosystem to accelerate offshore exploration and production in the country.