Motorcycle riders wait at a fuel station in Nadia. (Photo credit: PTI)

Petrol, Diesel Prices Today: Petrol and diesel prices remain unchanged for the 45th day in a row on Saturday i.e. May 21. The last time petrol and diesel prices were hiked were on April 6, taking the total increase to Rs 10 per litre. Petrol in Delhi will now cost Rs 105.41 per litre as against Rs 104.61 previously while diesel rates have gone up from Rs 95.87 per litre to Rs 96.67 according to a price notification of state fuel retailers.

Rates have been increased across the country and vary from state to state depending upon the incidence of local taxation.

The rise in fuel prices on April 6 was the fourteenth increase in prices since the ending of a four-and-half-month long hiatus in rate revision on March 22.

In all, petrol and diesel prices have gone up by Rs 10 per litre each.

Prices had been on a freeze since November 4 ahead of the assembly elections in states like Uttar Pradesh and Punjab -- a period during which the cost of raw material (crude oil) soared by about $ 30 per barrel.

The rate revision was expected soon after the counting of votes on March 10 but it was put off by a couple of weeks.

The increase in retail price warranted from crude oil prices rising during the 137-day hiatus from around $ 82 per barrel to $ 120 is huge but state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are passing on the required increase in stages.

Moody's Investors Services has said that state retailers together lost around $ 2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during the election period.

Oil companies "will need to raise diesel prices by Rs 13.1-24.9 per litre and Rs 10.6-22.3 a litre on gasoline (petrol) at an underlying crude price of $ 100-120 per barrel," according to Kotak Institutional Equities.

CRISIL Research said a Rs 9-12 per litre increase in retail price will be required for a full pass-through of an average $ 100 per barrel crude oil and Rs 15-20 a litre hike if the average crude oil price rises to $ 110-120.

India is 85 per cent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement.

Petrol price per litre (In Rs.)

Diesel price per litre (In Rs.)

Disclaimer: The petrol and diesel prices given here are subject to change on a daily basis. These prices are sourced from third parties. Although all efforts are made to keep the information concurrent, News9live is not responsible for any discrepancies in local prices.

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