India’s largest private fuel supplier Nayara Energy has allegedly slashed petrol prices by Rs 5 a litre and diesel by Rs 3 across its entire network in line with decreased global oil prices.
Nayara Energy was also the first to hike fuel prices in the country at the height of US-Iran war. Follow live updates on US-Iran war
The retailer’s move is the first time any corporation has reduced its fuel pricing in two years, and comes as tensions relax in West Asia.
The new tariffs have been implemented at around 7,000 Nayara fuel stations across the country, according to news agency PTI, citing industry sources.
Note that real pump pricing may differ from state to state according on local tariffs and levies such as the value added tax (VAT).
However, the pricing of petrol and diesel at the public sector fuel merchants remained unaltered. State-run Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), which account for over 90 per cent of India’s fuel stations, have not yet announced any price changes.
It was Nayara Energy, mainly owned by Russia’s Rosneft, that was the first to raise petrol prices by ₹5.30 a litre and diesel by ₹3 a litre, in March this year when the war between Iran and the US was at its climax.
The action comes as oil supplies are disrupted around the world after tensions in West Asia and disturbances in the Strait of Hormuz, a key waterway for over one-fifth of the world’s oil supply.
Nayara Energy is said to be completely geared up to meet demand and pushing its entire network to satisfy the country’s consumption needs, news agency PTI said, citing sources after the refinery turnaround.
Nayara runs a 20 million tonne-a-year oil refiner in Vadinar, Gujarat.
Hyderabad was the most costly at Rs 115.69 a litre for petrol on Wednesday. The city also has the highest diesel price among other big cities at ₹103.82 a litre.
- Check petrol costs city-wise here:
- City Price (Rs) per litre
- Delhi 102.12
- Hyderabad 115.69
- Kolkata 113.51
- Mumbai 111.21
- Chennai 107.76
- Gurugram 102.97
- Bengaluru 111.68
- Bhubaneswar 108.97
- Chandigarh 101.54
(Source: goodreturns.in)
India relaxes auto fuel curbs from July 1
On Monday, the Centre said it will ease limitations on state-run oil companies selling auto fuels to bulk consumers and do away with the 200-litre daily cap per vehicle for diesel sales starting July 1.
Restrictions came into force June 12 after the blockade of the Strait of Hormuz and serious disruptions to the world energy supply.
The stopgap secured enough supplies of fuel and diesel across the country and also protected the interests of retail consumers.