New Delhi: Fuel prices once again witnessed a hike on Tuesday. In national capital, petrol was priced at  82.83 per litre (increase by Rs 0.11) while the price of diesel reached Rs 75.69 per litre (increase by Rs 0.23). Meanwhile, a litre of petrol has touched Rs 88.29  per litre (increase by Rs 0.11) in Mumbai, while diesel has been capped at Rs 79.35 per litre (increase by Rs 0.24) per litre.

The prices vary from region to region due to local taxes, as the product is excluded from the Goods and Services Tax regime. Delhi has the lowest tax rate among the four metro cities.  (Check Live Petrol And Diesel Prices Here)

The latest hike in fuel prices comes a day after Prime Minister Narendra Modi met the chief executives of major global and Indian oil and gas companies. The meeting took place in the backdrop volatile crude oil prices and with the US sanctions on Iran due to come into effect from November 4.

Besides Finance Minister Arun Jaitley, Petroleum Minister Dharmendra Pradhan and NITI Aayog Vice-Chairman Rajiv Kumar, the meeting included ministers from Saudi Arabia and the UAE and CEOs and experts from organisations like Saudi ARAMCO, BP, Rosneft, IHS Markit, World Bank and International Energy Agency.

Earlier this month, Union Finance Minister Arun Jaitley had announced a cut in excise duty by Rs 1.50 a litre. Additionally, the state-owned oil marketing companies have been mandated to reduce prices of petrol and diesel by Re 1 a litre each.