Guwahati: Nayara Energy on Wednesday reduced petrol prices by Rs 5 per litre and diesel prices by Rs 3 per litre across its nationwide retail network, becoming the first fuel retailer in more than two years to lower pump prices as international crude oil prices eased following a de-escalation of tensions in West Asia.
The revised prices have come into effect at all of Nayara’s more than 7,000 fuel stations across the country. Retail prices, however, continue to vary across states depending on local taxes such as value-added tax (VAT).
The price reduction comes after global crude oil prices retreated as tensions in West Asia eased and the reopening of a key maritime route restored the movement of crude oil and liquefied natural gas, easing concerns over supply disruptions.
Public sector oil marketing companies—Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), did not revise fuel prices. The three state-run retailers together account for more than 90 per cent of India’s over one lakh fuel stations.
Nayara had been among the first retailers to increase fuel prices after the conflict involving Iran pushed up global crude oil prices. On March 26, it raised petrol prices by Rs 5 per litre and diesel prices by Rs 3 per litre.
State-run fuel retailers later increased petrol and diesel prices by a cumulative Rs 7.50 per litre each through a series of revisions during the second half of May, citing higher international crude prices and elevated product costs.
Wednesday’s revision effectively reverses Nayara’s March price increase and marks the first reduction in retail fuel prices after international oil markets stabilised in recent weeks.
According to industry sources, Nayara has completed its refinery turnaround and is fully prepared to meet fuel demand across its retail network.
The company operates a 20-million-tonne-per-year oil refinery at Vadinar in Gujarat.