The oil marketing companies (OMCs) increased fuel prices on Monday after keeping them unchanged on Sunday. The petrol prices were raised by 28-29 paise per litre and diesel prices were hiked by 30-31 paise per litre across cities.
Accordingly, the price of petrol and diesel increased to Rs 96.41 and Rs 87.28 per litre in the national capital, as per Indian Oil Corporation, the country's largest fuel retailer. In Mumbai, the petrol price changed to Rs 102.58 per litre on Monday. The cost of diesel advanced to Rs 94.70 a litre.
Petrol and diesel prices have increased by up to Rs 2.25 per litre since May 31, 2021.
The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil (IOC), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) on a daily basis and any revision is implemented from 6 am in the morning.
The fuel prices vary from state to state in the country due to the value-added tax or VAT.
On the global front, oil prices held near multi-year highs on Monday, underpinned by an improved outlook for demand as increased COVID-19 vaccinations help lift travel curbs, according to news agency Reuters.
Brent crude was up 14 cents, or 0.2 percent, at $72.83 by 0123 GMT. It rose 1.1 percent last week and hit the highest since May 2019 of $73.09 on Friday, Reuters said.
First Published: IST