Retail fuel prices in the metros remained unchanged for the sixth straight day on Tuesday. In the national capital, the price of petrol remained steady at Rs 86.30 per litre and diesel was stable at Rs 76.48 per litre, according to Indian Oil Corporation, the country's largest fuel retailer.

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In Mumbai, petrol price remained unchanged at Rs 92.86 per litre on Tuesday. The cost of diesel also was the same at Rs 83.30 a 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.

Meanwhile, Budget for the 2021-22 fiscal tweaked excise duty structure to accommodate an agriculture infrastructure development cess, whose accruals would not be shared with the states.

As of now, a basic excise duty (BED) of Rs 2.98 per litre is levied on petrol, and another Rs 12 a litre is charged as special additional excise duty (SAED) and Rs 18 as road and infrastructure cess. To accommodate the agri cess, the BED was cut to Rs 1.4 and SAED to Rs 11. Similarly, on diesel, BED was cut from Rs 4.83 to Rs 1.8 a litre and SAED to Rs 8 from Rs 9 per litre.

On the global front, oil prices rose around 1 percent on Tuesday after major producers showed they were cutting crude output in line with their commitments on restraint, supporting a market thrown out of kilter by weak demand during the coronavirus pandemic.

-With agencies inputs