Petrol and diesel prices were unchanged on Wednesday as oil marketing companies (OMCs) decided to keep fuel rates static.

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Accordingly, the price of petrol and diesel stood at Rs 93.44 and Rs 84.32 per litre respectively in Delhi, as per Indian Oil Corporation, the country's largest fuel retailer.

In Mumbai, the petrol price remained unchanged at Rs 99.71 per litre on Wednesday. The cost of diesel also was the same at Rs 91.57 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.

On the global front, oil prices were steady on Wednesday as concerns a possible resumption in Iranian supply would cause a glut were offset by hopes for stronger US fuel demand after a drop in weekly inventory estimates by the American Petroleum Institute, according to news agency Reuters.

Brent crude oil futures for July gained 5 cents, or 0.1 percent, to $68.70 a barrel by 0102 GMT, while US West Texas Intermediate (WTI) crude for July was at $66.05 a barrel, down 2 cents, Reuters said.