India’s largest private fuel retailer, Nayara Energy, has reportedly reduced petrol prices by $5 per liter and diesel at a rate $3 via its national network, in line with the decline in global oil prices.
Nayara Energy was also the first to increase fuel prices at the height of the US-Iran war. Follow live updates of the war between the US and Iran
This price reduction by the retailer represents the first such reduction in retail fuel prices by any company in more than two years, as tensions in West Asia ease.
The revised rates have come into effect at more than 7,000 Nayara filling stations across the country, news agency PTI reported, citing industry sources.
Note that actual pump prices may vary between states depending on local tariffs and fees, such as value-added tax (VAT).
However, petrol and diesel prices from public sector fuel retailers remained unchanged. State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL), which account for more than 90 per cent of fuel stations in India, are yet to announce any price revisions.
Read also | India is rolling back restrictions on motor fuel from July 1 as the Hormuz supply crunch eases
In March of this year, when the war between Iran and the United States was at its peak, Nayara Energy, majority owned by Russia’s Rosneft, became the first to raise gasoline prices by 1%. $5.30 per liter and diesel $3 per litre.
The move came amid worldwide oil supply disruptions following tensions in West Asia and unrest in the Strait of Hormuz, a vital waterway that accounts for nearly a fifth of the world’s oil supply.
Nayara Energy is reportedly fully prepared to meet the demand and is pushing its entire network to meet the consumption needs of the country, news agency PTI reported citing sources after the refinery shift.
Nayara runs a 20 million tonne per annum oil refinery in Vadinar, Gujarat.
As for petrol prices, Hyderabad was the most expensive on Wednesday $115.69 per litre. The city also has the most expensive diesel among other major cities, in $103.82 per litre.
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(Data from goodreturns.in)
India is rolling back restrictions on motor fuels from July 1
The Center on Monday announced that from July 1, it will lift restrictions on state-run oil companies selling auto fuel to wholesale consumers and remove the daily limit of 200 liters per vehicle for diesel sales.
The restrictions went into effect on June 12, when there were severe disruptions to global energy supplies due to the blockade of the Strait of Hormuz.
The temporary ban has helped ensure sufficient availability of petrol and diesel across the country while protecting the interests of retail consumers.
