Nayara Energy Hikes Petrol, Diesel Prices As Global Oil Costs Surge

Nayara Energy has revised petrol and diesel prices, emerging as one of the first fuel retailers in India to pass on the burden of increasing global crude oil costs to consumers. The company has lifted petrol prices by ₹5 per litre and diesel prices by ₹3 per litre.

Price changes vary across states due to differing local levies such as VAT. In some areas, petrol prices have increased by as much as ₹5.30 per litre.

The revision follows a steep rise in global oil prices, largely driven by heightened geopolitical tensions in the Middle East.

Escalating conflict involving Israel and Iran has intensified fears of disruptions in oil supply chains.

Global crude rates recently climbed to nearly $119 per barrel before moderating to around $100, indicating persistent volatility in the market.

State-owned oil marketing firms, including Indian Oil Corporation, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited, have kept retail fuel prices unchanged. Petrol and diesel rates have largely remained stable since April 2022.

These companies continue to dominate the sector, accounting for roughly 90 per cent of India’s fuel retail market.

India continues to depend significantly on imported crude oil, meeting around 88 per cent of its energy needs through overseas purchases.

A large portion of these imports passes through the strategically crucial Strait of Hormuz, which remains vulnerable amid ongoing tensions.

The government has assured that fuel availability remains uninterrupted across the country.

Officials confirmed that all retail outlets are functioning smoothly and possess adequate stock to meet demand.

Authorities also stated that refineries are operating at optimal capacity with sufficient crude reserves.

While rumours led to limited panic buying in certain areas, normalcy has since been restored.

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