NEW DELHI: 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 cut pump prices as easing tensions in West Asia pulled down global crude oil prices. The revised prices have come into effect at all of Nayara's over 7,000 fuel stations across the country, though the final retail price will continue to vary from state to state depending on local taxes such as VAT.
The move comes after international crude prices retreated in recent weeks following the easing of hostilities in West Asia and the reopening of a key maritime route, which helped restore crude oil and liquefied natural gas supplies and eased concerns over global supply disruptions.
State-run fuel retailers, however, have not followed suit. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), which together account for more than 90 per cent of India's over one lakh fuel stations, kept 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.
Nayara had earlier increased petrol prices by Rs 5 per litre and diesel prices by Rs 3 per litre on March 26 after the Iran conflict triggered a sharp rise in international crude prices. State-owned fuel retailers subsequently raised petrol and diesel prices by a cumulative Rs 7.50 per litre each through multiple revisions in the second half of May.