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 lower pump prices. The decision follows a decline in global crude oil prices after tensions in West Asia eased. The price cut comes as international crude oil prices retreated in recent weeks following the easing of hostilities in West Asia and the reopening of a key maritime route.
State-run fuel retailers have kept prices unchanged. 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, have not announced any revision. In Delhi, petrol continues to sell at Rs 102.12 per litre and diesel at Rs 95.20 per litre at IOC outlets.
Nayara had 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 spike in global crude oil prices. State-owned oil marketing companies later raised petrol and diesel prices by a cumulative Rs 7.50 per litre each through multiple revisions during the second half of May. Industry sources said Nayara has completed the turnaround of its 20-million-tonne-per-year refinery at Vadinar in Gujarat and is now operating at full capacity to meet domestic fuel demand.
The price cut comes just days after the government restored commercial LPG supplies to pre-conflict levels for businesses such as restaurants, hotels and other commercial establishments, ending the sector-specific restrictions that had been introduced to conserve fuel stocks during the crisis. In a statement, the Petroleum Ministry said the restrictions were withdrawn following an improvement in domestic LPG production and the expected arrival of imported cargoes.
Read Also : Inferno On Delhi Mumbai Expressway: 8 Dead, 22 Injured As Bus Bursts Into Flames After Rajasthan Crash