The oil marketing companies (OMCs) reduced fuel prices on Tuesday after keeping them unchanged on Monday. While petrol rates were cut by 11 to 15 paise per litre across the country, diesel prices decreased by 14 to 16 paise on the day.

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Accordingly, the price of petrol and diesel dropped to Rs 101.49 and Rs 88.92 per litre in Delhi, as per Indian Oil Corporation, the country's largest fuel retailer.

In Mumbai, the petrol price was reduced to Rs 107.52 per litre on Tuesday. The cost of diesel was cut to Rs 96.48 a litre.

Also read: Catch all market related updates for today

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.

Globally, oil prices rose on Tuesday after the US drug regulator granted full approval to the Pfizer Inc/BioNTech SE COVID-19 vaccine, stoking investor hopes that higher fuel demand will follow a potential step up in US coronavirus vaccination rates, according to news agency Reuters.

Brent crude oil futures gained 66 cents, or 0.9 percent to $69.41 a barrel by 0201 GMT, while US West Texas Intermediate (WTI) crude futures increased by 60 cents, or 0.9 percent, to $66.24 a barrel, Reuters said.

(Edited by : Anshul)

First Published:Aug 24, 2021 8:12 AM IST