Petrol and diesel prices have been hiked across the metros on Tuesday, according to Indian Oil Corporation (IOC). In New Delhi, the petrol prices have been hiked by 28 paise from Rs 97.22 per litre to Rs 97.50 per litre and diesel prices were hiked by 26 paise from Rs 87.97 per litre to Rs 88.23 per litre. In Mumbai, the petrol prices were Rs 103.63 per litre, and diesel was priced at Rs 95.72 per litre. Fuel rates are different across the states in India due to Value-Added Tax (VAT).

The state-run oil marketing companies like IOC, Bharat Petroleum, and Hindustan Petroleum decide the rates of domestic fuel with that of the global crude oil prices by taking into account any changes in foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day.

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Meanwhile, crude dropped on Tuesday as investors cashed in on a recent rally, but the market remained solid on hopes for a quick recovery in oil demand in the US and European markets. Brent crude futures for August eased 10 cents, or 0.1 per cent, to $74.80 a barrel and US West Texas Intermediate (WTI) crude for July was at $73.44 a barrel, down 22 cents, or 0.3 per cent.