Nayara Energy, which operates more than 7,000 petrol pumps across the country, on Wednesday cut petrol prices by ₹5 per litre and diesel by ₹3 per litre, as easing tensions in West Asia and the recovery in crude shipping flows pulled down international oil prices.
The revised rates have taken effect nationwide, although actual pump prices will vary across states depending on local taxes, including value-added tax.
Maritime Slump Eases
The reduction fully reverses the increase announced by Nayara on March 26, when the company raised petrol prices by ₹5 per litre and diesel by ₹3 per litre after the Iran conflict pushed up international crude and product prices.
The latest cut signals the first pass-through of the recent correction in global oil prices to retail consumers. Crude prices have declined after hostilities in West Asia eased and shipping through a key maritime route resumed, reducing concerns over prolonged supply disruptions.
State-Run Fuel Retailers
State-run fuel retailers had raised petrol and diesel prices by a cumulative ₹7.50 per litre each through a series of revisions in the second half of May as higher crude and product costs squeezed marketing margins.
Other oil marketing companies, both public and private, are yet to roll back prices. At Indian Oil Corporation’s outlets in Delhi, petrol continues to sell at ₹102.12 per litre, while diesel is priced at ₹95.20 per litre.
Indian Oil, Bharat Petroleum Corporation and Hindustan Petroleum Corporation together account for about 90% of the country’s nearly 100,000 fuel stations, making any revision by the state-run companies significant for retail prices nationwide.
“Nayara is committed to meeting the country’s energy requirements through its pan-India network, the largest in the private sector. Post refinery turnaround, Nayara is fully geared to meet demand,” a company official said.
Nayara operates a 20-million-tonne-per-year refinery at Vadinar in Gujarat, alongside its nationwide retail network.