Fuel Price today on August 1: Check petrol, diesel rates in Delhi, Mumbai, and other cities

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Petrol and diesel prices held steady on August 1, the latest price notification issued by fuel retailers showed. Fuel prices have stayed unchanged for more than a month.

Petrol in Mumbai is being sold for Rs 106.31 per litre and diesel for Rs 94.27. Petrol in Delhi costs Rs 96.72 and diesel Rs 89.62 a litre. Petrol and diesel are priced at Rs 102.63 and Rs 94.24 in Chennai and at Rs 106.03 and Rs 92.76 in Kolkata respectively.

Oil marketing companies are reportedly incurring a loss of Rs 13.08 a litre on petrol and Rs 24.09 on diesel. India meets 80 percent of its fuel needs through imports.

Oil prices slip ahead of OPEC+ meeting

Oil prices dropped early on Monday as investors braced for this week's meeting of officials from OPEC and other top producers on supply adjustments.

Brent crude futures dropped 63 cents, or 0.6%, to $103.34 a barrel by 0000 GMT. U.S. West Texas Intermediate crude was at $97.87 a barrel, down 75 cents, or 0.7%, after hitting a session low of $97.55 when trading commenced in Asia.

OPEC secretary general says Russia’s membership in OPEC+ is vital for success of agreement
OPEC's new secretary general said that Russia's membership in OPEC+ is vital for the success of the agreement, Kuwait's Alrai newspaper reported on Sunday, quoting an exclusive interview with Haitham al-Ghais.

He said OPEC is not in competition with Russia, calling it "a big, main and highly influential player in the world energy map", Alrai reported.

OPEC+ is an alliance of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia.

Al-Ghais, Kuwait's former OPEC governor, will head his first OPEC+ meeting on Aug. 3, in which the group will consider keeping oil output unchanged for September, despite calls from the United States for more supply.