The oil marketing companies (OMCs) kept fuel prices unchanged on Tuesday. On Monday, petrol rates were hiked but diesel prices were kept stable.

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Accordingly, on Tuesday, the price of petrol and diesel was static at Rs 99.86 and Rs 89.36 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 105.92 per litre on Tuesday. The cost of diesel was stable at Rs 96.91 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.

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.

On the global front, oil prices rose slightly after the previous day’s rally, supported by expectations of a tighter market as output talks of OPEC+ nations were called off, but concerns that members may start to increase production capped gains, according to news agency Reuters.

Brent crude was up 7 cents, or 0.1 percent, at $77.23 a barrel by 0052 GMT, after gaining 1.3 percent on Monday, Reuters said.

First Published:Jul 6, 2021 8:03 AM IST