The oil marketing companies (OMCs) kept fuel prices unchanged on Tuesday. Petrol rates were hiked on Monday while diesel prices were cut.

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Accordingly, the price of petrol and diesel was static at Rs 101.19 and Rs 89.72 per litre in the national capital, as per Indian Oil Corporation, the country's largest fuel retailer. In Mumbai, the petrol price was unchanged at Rs 107.20 per litre on Tuesday. The cost of diesel was stable at Rs 97.29 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.

On the global front, oil rose on Tuesday, recovering from the previous day's drop, as expectations of further declines in U.S. crude inventories outweighed fears that spreading COVID19 variants could derail a global economic recovery, according to news agency Reuters.

(Edited by : Anshul)

First Published:Jul 13, 2021 7:54 AM IST