The oil marketing companies (OMCs) hiked the prices of petrol and diesel by 27-28 paise per litre on Monday. The fuel rates were also hiked on Sunday.

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Accordingly, the price of petrol and diesel increased to Rs 95.31 and Rs 86.22 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 101.52 per litre on Monday. The cost of diesel advanced to Rs 93.58 a litre.

In the last one month, petrol price has been raised by nearly Rs 5 per litre and diesel by nearly Rs 6 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.

Globally, oil extended gains to hit fresh multi-year highs on Monday, underpinned by a brighter economic and fuel-demand outlook, while investors eyed the outcome of talks between Iran and world powers over a nuclear deal that is set to boost crude supplies, according to news agency Reuters.

Brent crude futures for August rose 28 cents, or 0.4 percent, to $72.17 a barrel by 0107 GMT, their highest since May 2019. US West Texas Intermediate crude for July touched $70 for the first time since October 2018 and was at $69.91 a barrel, up 29 cents, or 0.4 percent, Reuters said.

First Published:Jun 7, 2021 8:11 AM IST