Nayara Energy cuts petrol by ₹5/litre, diesel by ₹3 as crude prices ease

Nayara Energy, India’s largest private fuel retailer, has cut petrol prices by ₹5 per litre and diesel by ₹3 per litre across its nationwide retail network after sharp decline in global crude prices, becoming the first fuel retailer in more than two years to lower prices.

The revised prices took effect on Wednesday at all of Nayara's more than 7,000 fuel stations, reported PTI.

Pump prices vary across states due to differences in local taxes such as value-added tax.

The move comes after international crude prices retreated as hostilities in West Asia eased and the reopening of Strait of Hormuz restored the flow of crude oil and liquefied natural gas.

State-run retailers, however, left prices unchanged.

Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd, which together account for more than 90% of India's over 100,000 fuel stations, did not announce any price revision.

In Delhi, petrol remained priced at ₹102.12 per litre and diesel at ₹95.20 per litre at Indian Oil outlets.

Nayara had been among the first fuel retailers to raise prices after the Iran conflict pushed up international oil prices.

On March 26, it increased petrol prices by ₹5 per litre and diesel by ₹3 per litre.

State-owned retailers later raised petrol and diesel prices by a cumulative ₹7.50 per litre each through a series of revisions in the second half of May.

Wednesday's reduction fully reverses Nayara's March increase and is the first indication of lower global oil prices being passed on to Indian consumers after crude markets stabilised in recent weeks.

Nayara has completed a refinery turnaround and is fully prepared to meet fuel demand across the country through its entire retail network, reported PTI, citing industry sources.

Nayara operates a 20 million tonnes per year oil refinery at Vadinar in Gujarat.