Petrol and diesel prices on Tuesday touched a record high across the country after oil marketing companies (OMCs) hiked rates for 10th time this month. Petrol price was raised by 23-27 paise a litre and diesel by 27-31 per litre across the major cities of the country.
Accordingly, the price of petrol and diesel increased to Rs 92.85 and Rs 83.51 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 99.14 per litre on Tuesday. The cost of diesel advanced to Rs 90.71 a litre.
The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil 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.
Globally, oil prices climbed on Tuesday, extending gains from the previous day, as optimism over the reopenings of the US and European economies outweighed fears of slower fuel demand in Asia due to surging COVID-19 cases and a new wave of restrictions, according to a news agency Reuters.
Brent crude oil futures were up 20 cents, or 0.3 percent, at $69.66 a barrel by 0231 GMT, while West Texas Intermediate (WTI) was up 19 cents, or 0.3 percent, at $66.46 a barrel.
First Published: IST