The oil marketing companies (OMCs) hiked the prices of petrol and diesel by 34-35 paise and 28-30 paise respectively on Tuesday after keeping the rates unchanged on Monday.

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Accordingly, the price of petrol and diesel increased to Rs 104.90 and Rs 96.72 per litre in Mumbai, as per Indian Oil Corporation, the country's largest fuel retailer. In Delhi, the petrol price changed to Rs 98.81 per litre on Tuesday. The cost of diesel advanced to Rs 89.18 a litre.

In June, petrol and diesel price have been raised by up to Rs 4.58 per litre. Since May, the prices have increased by nearly Rs 9 per litre.

In 2021 so far, petrol and diesel prices have seen an increase of up to Rs 16.21 per 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.

On the global front, oil prices fell 2 percent to a one-week low on Monday after hitting their highest since 2018 earlier in the session, as a spike in COVID-19 cases in Asia and Europe put a brake on the rally before this week's OPEC+ meeting, according to news agency Reuters.