Petrol Cheaper by ₹5, Diesel by ₹3 as Nayara Energy Cuts Fuel Prices
Petrol Cheaper by ₹5, Diesel by ₹3 as Nayara Energy Cuts Fuel Prices
Private fuel retailer Nayara Energy has reduced the prices of petrol and diesel at its fuel stations across India following a decline in global crude oil prices. Effective from July 1, petrol is cheaper by ₹5 per litre, while diesel has been reduced by ₹3 per litre at all Nayara outlets.
The company said the price revision comes after international crude oil prices fell as tensions in the Middle East eased, reducing concerns over global oil supply. The revised prices are now applicable at nearly 7,000 Nayara fuel stations across the country.
Nayara Energy is one of India’s leading private oil companies, operating around 7,000 fuel stations and a major oil refinery at Vadinar, Gujarat. Unlike government-owned oil marketing companies, private retailers have greater flexibility to revise fuel prices based on international crude oil rates and market conditions.
Why Were Fuel Prices Reduced?
Global crude oil prices had risen in recent weeks due to the Middle East conflict and concerns over possible supply disruptions through the Strait of Hormuz. However, as geopolitical tensions eased and supply concerns reduced, crude oil prices declined, lowering fuel production costs.
The latest reduction also reverses the price increase introduced by Nayara earlier this year when crude oil prices had surged.
Fuel Prices at State-Run Oil Companies Remain Unchanged
While Nayara has reduced fuel prices, public sector oil marketing companies, including Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL), have not announced any changes.
As of July 2, fuel prices at state-run petrol pumps remain:
- Delhi: Petrol ₹102.12/litre | Diesel ₹95.20/litre
- Mumbai: Petrol ₹111.21/litre | Diesel ₹97.83/litre
- Kolkata: Petrol ₹113.51/litre | Diesel ₹99.82/litre
- Chennai: Petrol ₹107.81/litre | Diesel ₹99.55/litre
- Bengaluru: Petrol ₹107.77/litre | Diesel ₹99.56/litre
- Hyderabad: Petrol ₹112.62/litre | Diesel ₹99.32/litre
Industry experts believe that if global crude oil prices remain stable or continue to fall, other private fuel retailers and even state-run oil companies may consider revising retail fuel prices in the coming weeks. However, any decision will depend on international crude oil trends, taxes, inventory costs and government policy.
