Petrol, diesel prices today, 1 August: Fuel rates in Delhi, Mumbai, Bengaluru as Brent posts biggest monthly jump

Petrol and diesel prices today, 1 August: Retail fuel prices in India stood steady on Saturday, 31 July, with marginal changes across cities. Petrol and diesel prices continue to align with the prices effective after last major price revision that came about on 25 May. Hence, domestic fuel rates remained largely unchanged despite biggest monthly jump in Brent price since March.

Cabinet approves Samudra Manthan scheme

During times when the world is facing energy crisis due to US-Iran and Russia-Ukraine war, the Union Cabinet on Friday approved the National Offshore Exploration Scheme — ‘Samudra Manthan’. To boost domestic oil and gas production, strengthen India’s long-term energy security and reduce dependence on imports, the scheme, under the Ministry of Petroleum and Natural Gas has been launched with an outlay of ₹84,084 crore for implementation up to fiscal 2030–31.

The Central Sector Scheme encompasses the entire offshore exploration value chain, including large-scale seismic data acquisition, accelerated deepwater and ultra-deepwater exploratory drilling, scientific drilling in frontier basins, development of common offshore production infrastructure and the establishment of an integrated Oil and Gas Manufacturing and Services Zone.

Announcing cabinet’s approval, PM Modi in a post on X, “‘Samudra Manthan’ marks a transformative leap towards strengthening India’s energy security and unlocking our vast offshore potential. By combining investment, cutting-edge technology, skilled human capital and modern infrastructure, Samudra Manthan will give fresh momentum to ‘Make in India’ and Aatmanirbhar Bharat.”

State-owned oil marketing companies (OMCs) which set retail petrol and diesel rates, continue to shield consumers from fluctuations in global fuel prices.

Brent crude price today

Brent crude oil, the global benchmark, registered 1.2% gains on Friday and settled at $88 a barrel while West Texas Intermediate rose 1% to settle below $85 amid threats to energy supplies from the Persian Gulf to the Black Sea. A CBS report suggesting that the US and Israel are preparing to bombard energy targets in Iran injected fresh risk into the market already grappling supply disruptions due to global conflicts.

US President Donald Trump signaled that he’s losing confidence in Iranian negotiators, suggesting further disruption in energy shipments from West Asia in the wake of extended war. Crude prices also came under pressure following a series of attacks on ships loading oil at or nearby the Caspian Pipeline Consortium terminal in Russia’s Black Sea besides disruption along Strait of Hormuz and Red Sea trade route.

Brent posted a nearly 24% gain in the last month after the fragile ceasefire between Washington and Tehran collapsed and due to escalation into a wider regional conflict. Iran-backed Houthis in Yemen effectively opened a second front in the war and as a result Saudi Arabian forces joined the US.

TP ICAP Group Plc energy specialist Scott Shelton said, “The world is getting tighter and using the US surplus of crude and products to balance, to the extent that the US is getting physically shorter barrels at a much stronger clip than a few weeks ago.”