Petrol, diesel price hike: Private oil company Nayara hikes petrol and diesel prices by up to Rs 5 per litre
India's largest private fuel retailer with nearly 7,000 petrol pumps asserted that surge has been imposed against the backdrop of increasing crude prices following military strikes on Iranian facilities.
Petrol, diesel price hike: Private oil company Nayara has raised petrol and diesel prices by up to Rs 5 per litre, marking the first such surge since the inception of conflict in the Middle East.
India's largest private fuel retailer with nearly 7,000 petrol pumps asserted that surge has been imposed against the backdrop of increasing crude prices following military strikes on Iranian facilities.
The effective increase varies across states due to local taxes, with petrol prices rising by as much as 5.30 per litre in some areas.
Meanwhile public sector oil marketing companies such as Indian Oil and Hindustan Petroleum have raised premium petrol prices by 2.09 to 2.35 per litre since March 20. However the prices regular petrol and diesel remain unchanged, in a significant respite to the general public
The price changes are tied to disruptions in global fuel supplies triggered by attacks on energy infrastructure in the Middle East. India’s Petroleum Ministry noted that domestic refineries are operating at high capacity and that the country has diversified its energy imports to reduce reliance on the Strait of Hormuz.
In cities such as Hyderabad, the gap in prices between private and state-run fuel stations has sparked panic buying and long queues. Commuters also reported a surge in ride-hailing fares amid the disruption.
Indian oil companies issued statements assuring that fuel stocks are sufficient and urged the public not to believe rumours.
Although petrol and diesel prices are deregulated, the current price freeze at public sector outlets means Nayara Energy is effectively the only player with independent pricing flexibility in response to rising global input costs.