Nayara Energy, India's largest private fuel retail company, has significantly increased the cost of petrol and diesel fuel. Effective immediately, the price of petrol rose by 5 rupees per liter, and diesel fuel by 3 rupees per liter.
The fuel price hike was attributed to the increase in the cost of crude oil and petroleum products. According to PTI, the new rates came into effect on Saturday morning at 7,108 Nayara fuel stations across India.
Previously, Nayara had raised prices for petrol and diesel fuel on March 26 following power supply disruptions caused by tensions in Iran, with the increase being the same then. However, after the easing of tensions in the Middle East and a drop in crude oil prices, the company reversed this increase on July 1. Now, prices have been raised again.
Nayara made this decision during a period when crude oil prices exceed $100 per barrel. This represents a new attempt by the private fuel company to mitigate the burden of rising costs. It is important to note that the price increase occurred only at Nayara Energy; state-owned oil companies such as Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation have not raised prices for petrol and diesel fuel.
State-owned oil companies in India control or manage over 90% of the country's 104,137 petrol pumps.