Nayara Energy has hiked petrol prices by Rs 5 per litre and diesel by Rs 3 per litre, making it one of the first fuel retailers in India to adjust rates in response to the recent uptick in global crude oil prices. The actual price adjustments may vary slightly due to regional variations in local taxes like VAT, with some areas seeing petrol prices rise by up to Rs 5.30 per litre.
This increase comes as global oil prices have spiked significantly following tensions in the Middle East. The surge, triggered by military actions between Israel and Iran, has pushed international crude prices to nearly $119 per barrel before stabilizing around $100.
Despite this surge, major state-owned oil marketing companies like Indian Oil Corporation, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited have kept regular petrol and diesel prices unchanged since April 2022. These companies, dominating 90% of India’s fuel retail market, have maintained price stability amid the global fluctuations.
India, heavily reliant on imported crude oil for about 88% of its energy needs, faces potential disruptions as geopolitical tensions in the Middle East threaten the crucial Strait of Hormuz shipping route. The government has reassured the public of normal operations at all retail outlets, ensuring ample stocks of petrol and diesel to meet national demand. Additionally, a widespread rollout of PNG connections is in progress nationwide to enhance energy accessibility.
