Fuel prices had remained unchanged in the last 20 days (Reuters photo for representation)

Petrol and diesel prices were revised today after a gap of nearly 21 days. The prices were increased by nearly 20 paise across India.

The new petrol rates (for Indian Oil bunks, effective 6 am today) for metro cities are: Rs 74.80 (Delhi), Rs 77.50 (Kolkata), Rs 82.65 (Mumbai) and Rs 77.61 (Chennai). Diesel prices are: Rs 66.14 (Delhi), Rs 66.68 (Kolkata), Rs 70.43 (Mumbai) and Rs 69.79 (Chennai).

With this, diesel prices have touched a record high while petrol is at a 56-month peak.

The revision in petrol and diesel prices comes just two days after voting was held for the Karnataka assembly election.

The revision in the fuel prices is significant because the rates had remained unchanged in the fortnight leading up to the Karnataka election.

The prices remained constant despite fluctuations in international crude rates. Oil companies in India have the mandate to carry out daily revisions in the prices of petrol and diesel.

However, their mysterious inaction in the last 20 days had led to speculation that the Union government was leaning on the companies to keep the rates unchanged so that the Bharatiya Janata Party could gain an advantage in the Karnataka election.

Last June, Indian oil companies had moved from a 'once-in-a-fortnight' change of petrol and diesel prices to daily revisions. The move was made keeping the day-to-day variation of international crude prices in mind.

However, the daily revision of petrol and diesel prices has been on hold since April 24 this year -- around 20 days before the high-stakes Karnataka election, where the Congress is hoping to retain its southern bastion and where the BJP is looking to win a major advantage ahead of next year's Lok Sabha election.

Interestingly, Brent crude oil prices increased by about $3 (Rs 200) per barrel during the period when fuel prices in India remained unchanged. On April 23, the day before the last change in the prices of fuel in India, crude oil prices were around $74.50 per barrel.

By May 11, a day before voting in Karnataka, the prices had increased by 3.7 per cent to about $77.50 per barrel.

The oil companies -- Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- have been silent why they haven't carried out daily revisions in fuel prices in the last 21 days.

The government, for its part, has maintained that it does not interfere with the pricing of petrol and diesel.

(With inputs from agencies)

Counting of votes for Karnataka assembly election begins at 8 am on Tuesday, May 15. Our live coverage begins at 7 am. Watch this space for the latest results. Follow our complete coverage here

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