The oil marketing companies (OMCs) increased fuel prices on Wednesday after keeping them unchanged on Tuesday. The petrol prices were raised by 22-25 paise per litre and diesel prices were hiked by 12-14 paise per litre across cities.

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Accordingly, the price of petrol and diesel increased to Rs 96.66 and Rs 87.41 per litre in Delhi, as per Indian Oil Corporation, the country's largest fuel retailer. In Mumbai, the petrol price changed to Rs 102.82 per litre on Wednesday. The cost of diesel advanced to Rs 94.84 a litre.

Petrol, diesel prices have been hiked by up to Rs 2.40 per litre in June so far and up to Rs 7 per litre since May 3.

In 2021 so far, fuel rates have been increased by up to Rs 14.33 per 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.

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 rose on Wednesday, with Brent gaining for a fifth consecutive session, as falling stockpiles and a recovery in demand encouraged investors, according to news agency Reuters.

First Published:Jun 16, 2021 7:53 AM IST