Petrol, diesel prices reduced: Nayara Energy cuts fuel rates after global oil prices ease
Motorists have finally got some fuel-price relief. Nayara Energy has reduced petrol prices by Rs 5 per litre and diesel prices by Rs 3 per litre across its nationwide network, becoming the first fuel retailer in India in more than two years to lower pump prices amid easing global crude oil rates.
The revised prices took effect on Wednesday at over 7,000 Nayara fuel stations across the country. The move comes after international oil prices retreated from recent highs as tensions in West Asia eased and concerns over supply disruptions diminished.
The price reduction effectively rolls back the increase Nayara had introduced earlier when geopolitical tensions sent crude oil prices soaring. In March, the company had raised petrol prices by Rs 5 a litre and diesel prices by Rs 3 a litre in response to the sharp spike in global energy markets.
With crude prices now cooling and supply routes stabilising, Nayara has become the first retailer to pass on the benefit to consumers, signalling that softer international oil prices may finally be reaching Indian fuel pumps.
The development is particularly significant as state-run fuel retailers have not followed suit. Petrol and diesel prices remain unchanged at outlets operated by Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, which together account for the overwhelming majority of fuel sales in the country.
In the national capital, petrol continues to be sold at Rs 102.12 per litre and diesel at Rs 95.20 per litre at public-sector outlets.
Global oil markets have witnessed a sharp correction in recent weeks after fears of prolonged supply disruptions eased. The reopening of key shipping routes and improved crude availability have helped bring down international prices, reducing pressure on fuel retailers.
Industry sources said Nayara is operating at full capacity following refinery maintenance and is fully prepared to meet fuel demand across its retail network. The company operates a 20-million-tonne-per-year refinery at Vadinar in Gujarat and is among India's largest private-sector fuel retailers.
With PTI inputs