India’s largest private fuel retailer, Nayara Energy, has slashed petrol prices by Rs 5 per litre and diesel by Rs 3 per litre across its nationwide network. The move marks the first reduction in retail fuel prices by any company amid easing tensions in West Asia, which has pulled down crude oil prices. Crude oil prices remain stable, trading around USD 70 per barrel. It should be noted that the international prices of crude oil had surged above USD 125 per barrel during the West Asia crisis.
Post this cut, petrol prices at petrol pumps of Nayara Energy in Faridabad, Haryana, which falls in the Delhi-NCR region, have dropped from Rs 108.03 per litre to Rs 103.03 per litre, while diesel prices have dropped from Rs 98.84 per litre to Rs 95.84.
Why has Nayara Energies slashed prices?
The decision to reduce petrol and diesel prices comes after global crude oil prices retreated amid easing hostilities in West Asia. This has led to the reopening of a key maritime route, restoring the movement of crude oil and liquefied natural gas and easing concerns over supply disruptions.
It is worth noting that Nayara was the first company to increase fuel prices following a surge in crude oil prices after the escalation of tensions between the US and Iran. On March 26, it increased petrol prices by Rs 5 per litre and diesel by Rs 3 per litre. State-run fuel retailers followed later, raising petrol and diesel prices by a cumulative Rs 7.50 per litre each in a series of revisions during the second half of May, reflecting higher international crude prices and elevated product costs.
Petrol, diesel prices of state-run companies
However, state-run oil marketing companies (OMCs) have not reduced the fuel prices. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) account for more than 90 per cent of India’s over one lakh fuel stations. These retailers have decided to keep petrol and diesel prices unchanged. In Delhi, petrol continues to retail at Rs 102.12 per litre and diesel at Rs 95.20 per litre at IOC outlets.
| City | Petrol Price (Rs/litre) | Diesel Price (Rs/litre) |
|---|---|---|
| Delhi | 102.12 | 95.20 |
| Kolkata | 113.51 | 99.82 |
| Mumbai | 111.21 | 97.83 |
| Chennai | 108.01 | 99.66 |
| Hyderabad | 115.73 | 103.82 |
| Bengaluru | 110.89 | 98.80 |
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