Petrol, diesel prices today, July 2: State-run OMC's to revise rates after Nayara? Check prices in Delhi, Mumbai, Kolkata
Nayara Energy's recent reduction in petrol and diesel prices has increased pressure on state-run oil companies to reconsider their fuel rates amid falling crude oil prices
- Jul 2, 2026,
- Updated Jul 2, 2026 8:33 AM IST
Nayara Energy’s move to lower petrol and diesel prices has increased pressure on state-owned oil marketing companies, which have not changed retail fuel rates even as crude oil prices have softened.
The cut has revived expectations that public sector retailers may eventually pass on some of the benefit from lower international oil prices to consumers.
On Wednesday, Rosneft-backed Nayara Energy reduced petrol prices by Rs 5 per litre and diesel prices by Rs 3 per litre across nearly 7,000 fuel stations.
The price cut comes as global crude oil rates have fallen back towards levels seen before the recent conflict in West Asia. Brent crude for September delivery was trading near $72 a barrel on Wednesday, close to its pre-conflict level.
India’s crude oil basket has also eased sharply, declining from an average of $83.22 per barrel in June to around $70.58 per barrel.
ALSO READ: LPG, CNG, PNG prices today, July 2: Check latest rates in Delhi, Mumbai, Chennai, other cities
However, state-run retailers Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation have continued to keep petrol and diesel prices unchanged.
Fuel prices across Indian cities held steady on July 2. The petrol and diesel rates have remained stable since May 25, when state-owned fuel retailers last hiked petrol prices by ₹2.61 per litre and diesel by ₹2.71 per litre.
In Delhi, petrol continues to retail above Rs 100. It now costs Rs 102.12 per litre and diesel Rs 95.20 per litre, following the latest increase.
In Mumbai, too, petrol prices crossed the Rs 110 mark, with new prices being Rs 111.21 and diesel at Rs 97.83.
Don't Miss: Commercial LPG, petrol, diesel, ATF cheaper from July 1: Fuel prices fall across sectors
In major cities such as Bengaluru, Hyderabad, and Kolkata, petrol prices are still above Rs 110 per litre, while diesel remains below Rs 100, except in Hyderabad, where it's priced at Rs 103.82.
Check latest petrol rates here
Fuel prices in key cities (July 2)
| City | Petrol (₹/litre) | Diesel (₹/litre) |
| Delhi | 102.12 | 95.20 |
| Hyderabad | 115.69 | 103.82 |
| Kolkata | 113.51 | 99.82 |
| Mumbai | 111.21 | 97.83 |
| Bengaluru | 111.68 | 99.56 |
| Chennai | 107.77 | 99.55 |
Check latest diesel rates here
What drives petrol and diesel prices in India?
A combination of global, economic, and domestic factors shapes fuel prices at the pump. At the heart of it is the international price of crude oil, the base raw material for both petrol and diesel, which has the single biggest bearing on what consumers ultimately pay.
The rupee-dollar exchange rate is another key variable, given that India relies heavily on imported crude. When the rupee weakens against the dollar, the cost of procuring crude rises, which can feed directly into higher retail fuel prices.
Why do prices differ across different cities?
On top of that, taxes levied by both the central and state governments make up a substantial portion of the final price, which is why petrol and diesel rates differ across states. Transportation costs and prevailing demand-supply conditions also factor into the retail price consumers see at the pump.
Nayara Energy’s move to lower petrol and diesel prices has increased pressure on state-owned oil marketing companies, which have not changed retail fuel rates even as crude oil prices have softened.
The cut has revived expectations that public sector retailers may eventually pass on some of the benefit from lower international oil prices to consumers.
On Wednesday, Rosneft-backed Nayara Energy reduced petrol prices by Rs 5 per litre and diesel prices by Rs 3 per litre across nearly 7,000 fuel stations.
The price cut comes as global crude oil rates have fallen back towards levels seen before the recent conflict in West Asia. Brent crude for September delivery was trading near $72 a barrel on Wednesday, close to its pre-conflict level.
India’s crude oil basket has also eased sharply, declining from an average of $83.22 per barrel in June to around $70.58 per barrel.
ALSO READ: LPG, CNG, PNG prices today, July 2: Check latest rates in Delhi, Mumbai, Chennai, other cities
However, state-run retailers Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation have continued to keep petrol and diesel prices unchanged.
Fuel prices across Indian cities held steady on July 2. The petrol and diesel rates have remained stable since May 25, when state-owned fuel retailers last hiked petrol prices by ₹2.61 per litre and diesel by ₹2.71 per litre.
In Delhi, petrol continues to retail above Rs 100. It now costs Rs 102.12 per litre and diesel Rs 95.20 per litre, following the latest increase.
In Mumbai, too, petrol prices crossed the Rs 110 mark, with new prices being Rs 111.21 and diesel at Rs 97.83.
Don't Miss: Commercial LPG, petrol, diesel, ATF cheaper from July 1: Fuel prices fall across sectors
In major cities such as Bengaluru, Hyderabad, and Kolkata, petrol prices are still above Rs 110 per litre, while diesel remains below Rs 100, except in Hyderabad, where it's priced at Rs 103.82.
Check latest petrol rates here
Fuel prices in key cities (July 2)
| City | Petrol (₹/litre) | Diesel (₹/litre) |
| Delhi | 102.12 | 95.20 |
| Hyderabad | 115.69 | 103.82 |
| Kolkata | 113.51 | 99.82 |
| Mumbai | 111.21 | 97.83 |
| Bengaluru | 111.68 | 99.56 |
| Chennai | 107.77 | 99.55 |
Check latest diesel rates here
What drives petrol and diesel prices in India?
A combination of global, economic, and domestic factors shapes fuel prices at the pump. At the heart of it is the international price of crude oil, the base raw material for both petrol and diesel, which has the single biggest bearing on what consumers ultimately pay.
The rupee-dollar exchange rate is another key variable, given that India relies heavily on imported crude. When the rupee weakens against the dollar, the cost of procuring crude rises, which can feed directly into higher retail fuel prices.
Why do prices differ across different cities?
On top of that, taxes levied by both the central and state governments make up a substantial portion of the final price, which is why petrol and diesel rates differ across states. Transportation costs and prevailing demand-supply conditions also factor into the retail price consumers see at the pump.