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Nayara Energy Raises Fuel Prices: Petrol Up Rs 5, Diesel Up Rs 3

Nayara Energy has increased petrol prices by Rs 5 per litre and diesel by Rs 3 per litre, passing on the recent surge in global crude oil costs to consumers. The price hike follows a near 50% jump in international oil prices due to military tensions between Israel and Iran, which threaten supply routes like the Strait of Hormuz. In contrast, state-owned oil marketing companies, which control 90% of the retail market, have kept fuel prices unchanged since April 2022. The government has assured that all retail outlets are operating normally with sufficient stocks, despite some instances of panic buying.

Key Points: Nayara Hikes Petrol, Diesel Prices Amid Global Oil Surge

  • Petrol up by Rs 5 per litre
  • Diesel up by Rs 3 per litre
  • Global crude prices surged nearly 50%
  • State-owned OMCs keep prices unchanged
  • Geopolitical tensions threaten key supply routes
2 min read

Private fuel retailer Nayara hikes petrol by Rs 5, diesel by Rs 3

Private fuel retailer Nayara Energy increases petrol by Rs 5 and diesel by Rs 3 per litre, passing on rising global crude costs to consumers.

"The move comes at a time when global oil prices have surged sharply following tensions in the Middle East. - Source"

New Delhi, March 26

Nayara Energy on Thursday increased petrol and diesel prices, becoming one of the first fuel retailers in India to pass on the recent rise in global crude oil prices to consumers.

The company has raised petrol prices by Rs 5 per litre and diesel by Rs 3 per litre, according to sources.

The actual increase may vary slightly across states due to differences in local taxes such as VAT. In some regions, petrol prices have gone up by as much as Rs 5.30 per litre.

The move comes at a time when global oil prices have surged sharply following tensions in the Middle East.

Prices had jumped nearly 50 per cent since late February, after Israel carried out military strikes on Iran, leading to retaliation 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 such as Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited have not changed the prices of regular petrol and diesel, which have remained largely unchanged since April 2022.

These companies control about 90 per cent of the fuel retail market in India.

India depends heavily on imports for its energy needs, sourcing about 88 per cent of its crude oil from abroad.

A significant portion of these supplies passes through the Strait of Hormuz, a key shipping route now under threat due to rising geopolitical tensions in the region.

Meanwhile, earlier in the day, the government said that all retail outlets are operating normally with sufficient petrol and diesel stocks to meet national demand.

It added that a rapid rollout of PNG connections is currently underway across the country.

All refineries are operating at a high capacity with adequate crude inventories. While panic buying did occur in some areas due to rumours, the government has confirmed that all retail outlets are operating normally.

- IANS

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Reader Comments

P
Priyanka N
The timing is terrible. With summer travel and school holidays coming up, this hike will pinch every middle-class family's pocket. We are already dealing with high food prices. When will this inflation end?
A
Aman W
The article mentions the Strait of Hormuz. This is the real issue. Our energy security is too dependent on unstable regions. We need to fast-track our renewable energy plans and electric vehicle infrastructure. Jai Hind!
S
Sarah B
I appreciate that the article gives a clear breakdown of the global context. It's not just Nayera being greedy; it's a complex global supply issue. Still, a Rs. 5 hike is significant for daily commuters.
V
Vikram M
The PSUs controlling 90% of the market is a double-edged sword. It keeps prices stable now, but what if their losses become unsustainable? The government needs a long-term strategy, not just short-term relief.
K
Kriti O
Good to see the push for PNG connections mentioned. More households and vehicles should switch to gas. It's cleaner and often cheaper. This price hike might finally push people to consider alternatives.

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