The oil marketing companies (OMCs) kept petrol, diesel prices unchanged on Tuesday for second day in a row.

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Accordingly, the price of petrol and diesel was static at Rs 101.19 and Rs 88.62 per litre in Delhi, as per Indian Oil Corporation, the country's largest fuel retailer.

In Mumbai, the petrol price was unchanged at Rs 107.26 per litre on Tuesday. The cost of diesel was stable at Rs 96.19 a litre.

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The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil Corporation Limited (IOCL), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) on a daily basis and any revision is implemented from 6 am in the morning.

Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.

Globally, oil prices were wobbly on Monday as investors grappled with demand concerns after Saudi Arabia's sharp cuts to crude contract prices for Asia, according to news agency Reuters.

(Edited by : Anshul)

First Published:Sept 7, 2021 7:53 AM IST