The oil marketing companies (OMCs) hiked fuel prices by 24-27 paise on Wednesday after keeping them unchanged on Tuesday.
Accordingly, the price of petrol and diesel is Rs 95.56 and Rs 86.47 per litre, respectively, in the national capital, as per Indian Oil Corporation, the country's largest fuel retailer. In Mumbai, the petrol price changed to Rs 101.76 per litre on Wednesday. The cost of diesel advanced to Rs 93.85 a litre.
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.
In the last nine days, the OMCs (IOC, BPCL, and HPCL) have hiked the fuel prices by up to Rs 1.40 per litre and by Rs 6 per litre in over one month.
The fuel prices vary from state to state in the country due to the value-added tax or VAT.
Globally, oil prices rose on Tuesday, settling at the highest level in over two years as a US diplomat said even if the US were to reach a nuclear deal with Iran, Washington's sanctions on Tehran would remain, news agency Reuters reported.
This could interrupt the additional supply of oil Tehran could add to the market.
Following the news, Brent crude hit the highest level it has settled since May 2019 -- it rose 73 cents, or 1 percent, to close at $72.22 a barrel. The US West Texas Intermediate oil, on the other hand, rose 82 cents, or 1.2 percent, to settle at $70.05 a barrel, the highest since October 2018.
The copy was updated to change the day in the second paragraph from Monday to Wednesday. Error is deeply regretted.
First Published: IST