Nayara hikes petrol by Rs 5, diesel by Rs 3 amid global oil crisis
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New Delhi: Private fuel retailer Nayara Energy on Thursday raised petrol and diesel prices, becoming one of the first companies in India to pass on the recent rise in global crude oil costs to consumers.
According to sources, petrol prices were increased by Rs 5 per litre and diesel by Rs 3 per litre. The actual hike may vary slightly across states due to differences in local taxes, including VAT. In some regions, petrol prices have risen by as much as Rs 5.30 per litre.
The price increase comes amid sharp surges in global oil prices following escalating tensions in the Middle East. Oil prices had jumped nearly 50 per cent since late February, after Israel carried out military strikes on Iran, prompting retaliatory action and fears of supply disruptions. International crude prices recently touched around $119 per barrel before easing to about $100.
Despite this surge, state-owned oil marketing companies—including Indian Oil Corporation, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited—have kept petrol and diesel prices largely unchanged since April 2022. These public-sector companies control nearly 90 per cent of the fuel retail market in India.
India relies heavily on imports for its energy needs, sourcing about 88 per cent of crude oil from abroad, with a significant portion of these supplies passing through the Strait of Hormuz, a key shipping route now threatened by rising geopolitical tensions.
Meanwhile, the government confirmed that all retail outlets are operating normally with adequate petrol and diesel stocks to meet national demand. Authorities also noted that a rapid rollout of PNG connections is underway across the country.
All refineries are functioning at high capacity with sufficient crude inventories. Although some panic buying occurred in select areas due to rumours, the government reassured that fuel supply remains stable nationwide.
With IANS inputs