The oil marketing companies (OMCs) kept fuel prices unchanged on Friday after increasing them on Thursday.

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Accordingly, the price of petrol and diesel was static at Rs 101.54 and Rs 89.87 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 107.54 per litre on Friday. The cost of diesel was stable at Rs 97.45 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.

Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh and Maharashtra.

On the global front, oil prices fell a third day on Friday as supply concerns continued to haunt the market, with OPEC likely to add more barrels amid expectations that demand is returning as more countries recover from the pandemic, according to news agency Reuters.

(Edited by : Anshul)