New Delhi, Jul 1: Nayara Energy, India’s largest private fuel retailer, on Wednesday reduced petrol prices by Rs 5 per litre and diesel by Rs 3 per litre across its nationwide network, becoming the first company in over two years to lower retail fuel prices.
The revised prices have come into effect at more than 7,000 Nayara fuel stations and follow a decline in global crude oil prices amid easing tensions in West Asia.
The company had earlier become the first fuel retailer to raise prices during the peak of the US-Iran conflict, increasing petrol by Rs 5.30 per litre and diesel by Rs 3 per litre in March as disruptions in global oil supplies and uncertainty around the Strait of Hormuz pushed up crude prices.
Industry sources said pump prices may vary across states depending on local taxes and value-added tax (VAT).
Meanwhile, state-owned oil marketing companies—Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL)—have not revised petrol and diesel prices, which remain unchanged.
Sources said Nayara Energy, majority-owned by Russia’s Rosneft, is fully geared to meet fuel demand across the country following the completion of maintenance at its 20-million-tonne-per-year refinery at Vadinar in Gujarat.
Separately, the Centre has withdrawn temporary restrictions imposed on the sale of auto fuels to bulk consumers. Effective July 1, state-run oil companies can resume unrestricted fuel sales, while the 200-litre daily cap per vehicle on diesel sales has also been lifted. The curbs, introduced on June 12 amid concerns over global energy supplies due to tensions around the Strait of Hormuz, were aimed at ensuring adequate fuel availability for retail consumers. (Agencies)
