Commodities
Petrol Prices Unchanged as India Awaits Boost from New Offshore Oil Exploration Scheme
The petrol and diesel prices in India remained stable on August 1, despite a marginal fluctuation. This comes as Brent crude oil prices posted their biggest monthly jump since March, reaching $88 per barrel.
The domestic fuel rates have been steady since the last major price revision on May 25. The prices of petrol and diesel in various cities across India are: Delhi at ₹102.12 and ₹95.20 respectively, Mumbai at ₹111.21 and ₹97.83, and Bengaluru at ₹111.68 and ₹99.56.
The Union Cabinet has approved the National Offshore Exploration Scheme, 'Samudra Manthan' to boost domestic oil and gas production and reduce dependence on imports. The scheme has an outlay of ₹84,084 crore for implementation up to fiscal 2030-31.