Nayara Energy Reduces Petrol and Diesel Prices: First Cut in Over Two Years
NEW DELHI: Nayara Energy, India’s largest private fuel retailer, has announced a reduction in petrol and diesel prices for the first time in over two years. Petrol prices will drop by Rs 5 per litre, while diesel prices will decrease by Rs 3 per litre across its nationwide retail network. This decision comes as easing tensions in the Middle East have led to a decline in international crude oil prices.
The new prices are effective immediately at all Nayara fuel stations in India, although retail prices will still vary by state due to local taxes such as value-added tax (VAT). In Delhi, for instance, petrol will now retail at Rs 102.12 per litre, and diesel at Rs 95.20 per litre at Indian Oil Corporation (IOC) outlets.
While Nayara has reduced its prices, state-run fuel retailers Indian Oil Corporation, Bharat Petroleum Corporation Ltd, and Hindustan Petroleum Corporation Ltd have opted to keep their retail rates unchanged. These three public sector companies control over 90 percent of India’s fuel stations. Nayara’s price cut follows a previous increase in March, when it raised petrol and diesel prices by Rs 5 and Rs 3 per litre, respectively, due to rising international crude oil prices amid the Iran conflict.
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