Fuel Prices on February 21: Check petrol, diesel rates in Delhi, Mumbai and other cities

Petrol and diesel prices remain steady across metro cities on February 21, the latest price notification issued by fuel retailers showed.

Petrol and diesel in Delhi cost Rs 96.72 per litre and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27 per litre.

Also Read: Brent oil lower amid stronger dollar, caution ahead of Fed minutes

In Chennai, prices of petrol and diesel stand at Rs 102.63/litre and Rs 94.24/litre, respectively, while in Kolkata both are priced at Rs 106.03/litre and Rs 92.76/litre, respectively.

Meanwhile, analysts say oil prices could rise in the coming weeks because of undersupply and a demand rebound, despite near-term hindrances such as U.S. interest rate hikes.

With China's oil imports likely to hit a record high in 2023 and demand from India, the world's third-biggest oil importer, surging amid tightening supplies, all eyes are now on monetary policy in the world's largest economy and biggest oil consumer.

In global markets, the Brent crude benchmark opened slightly lower on Tuesday as the U.S. dollar strengthened and traders waited for cues from the U.S. Federal Reserve meeting minutes, after optimism over demand amid tightening supplies drove prices higher on Monday.

Brent crude was down 59 cents, or 0.5%, at $83.57 a barrel on Tuesday. U.S. West Texas Intermediate crude (WTI) for March, which expires on Tuesday, was up 78 cents, or 1.02%, at $77.12 at 0146 GMT.

WTI futures did not settle on Monday because of a public holiday in the United States. The WTI April contract, currently the most active, was up 52 cents, or 0.68% at $77.07.