Petrol, Diesel Prices Today: Fuel Rates Hold Steady Across Major Indian Cities On 21 May

Prices of petrol and diesel have stayed stable in most major cities of India as of today, 21 May, after two increases in fuel prices announced during this month by state-owned oil marketing firms.

The latest rates issued by Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited showed no major revisions in metro cities, although minor changes were seen in select locations due to local taxes and transportation costs.

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The recent increase in fuel prices came after public sector fuel retailers raised petrol and diesel rates by around ₹3 per litre on 15 May, followed by another hike of nearly 90 paise per litre on 19 May. The revisions were linked to elevated crude oil prices in the international market amid geopolitical tensions in West Asia.

In Delhi, petrol continued to retail at ₹98.64 per litre, while diesel remained at ₹91.58 per litre. Mumbai retained the highest petrol price among major metros at ₹107.59 per litre. In Kolkata, petrol was priced at ₹109.70 per litre, while Chennai recorded petrol prices at ₹104.57 per litre.

Fuel Prices In Major Cities On 21 May

Crude Oil Volatility Remains In Focus

Global crude oil prices have remained volatile due to concerns surrounding the West Asia conflict and possible supply disruptions through key shipping routes, including the Strait of Hormuz.

Reuters reports that the price of Brent crude futures fell to around $109.43 a barrel recently as US President Donald Trump called off a targeted military strike on Iran following which worries about an imminent shortage of supply eased. Nevertheless, the price is still higher than those recorded at the beginning of the year.

Ninety percent of India’s crude oil needs are met by imports, which makes the pricing of fuel in the domestic market very sensitive to trends in the global energy market.

The fuel price increases are believed to be a move to compensate for the losses incurred by state-owned oil firms due to higher crude prices. Brokerage estimates cited in earlier reports suggested that petrol and diesel prices could rise further in the coming months if crude oil prices remain elevated for an extended period.

The Centre has maintained that there is no fuel shortage in the country and that adequate fuel inventories are available despite disruptions in global energy markets.