New Delhi (Gurpreet Singh): India’s largest private fuel retailer, Nayara Energy, on Thursday increased petrol prices by ₹5 per litre and diesel by ₹3 per litre, partly passing on the impact of rising global crude oil prices triggered by the ongoing Middle East conflict.
The price hike comes after nearly a month of stable retail fuel prices in India, despite a sharp rise of almost 50% in international oil rates following military tensions involving Iran, the United States, and Israel.
Pressure on Fuel Companies
Nayara, which operates nearly 7,000 fuel stations across the country and is largely controlled by Rosneft, decided to pass on part of the increased input costs to consumers. The actual hike varies by state due to differences in VAT and local taxes, with petrol prices rising up to ₹5.30 per litre in some regions.
Meanwhile, state-run companies such as Indian Oil Corporation, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited had earlier raised prices of premium petrol by ₹2 per litre and bulk diesel for industrial users by around ₹22 per litre. However, regular petrol and diesel prices remain unchanged.
Global Oil Trends
International crude prices had surged to around $119 per barrel earlier this month before easing to about $100 per barrel. The volatility is largely linked to escalating geopolitical tensions in West Asia.
No Fuel Shortage in India
Amid rumours of fuel shortages, BPCL clarified that supplies remain stable. The company assured that fuel stations are fully stocked and operational, urging citizens not to panic or rely on misinformation. Similar assurances were also issued by IOC, confirming that India has sufficient fuel reserves and a stable supply chain.
