Business
oi-Madhuri Adnal
India’s largest private fuel retailer Nayara Energy on Wednesday cut petrol prices by Rs 5 per litre and diesel prices by Rs 3 per litre across its nationwide retail network, marking the first such cut by a fuel retailer in over two years as easing tensions in West Asia pulled down international oil prices.
The revised prices have been implemented at more than 7,000 Nayara fuel stations across the country, news agency PTI reported citing industry sources. However, final retail rates will continue to vary by state due to local taxes such as value-added tax (VAT).
India’s Nayara Energy cut petrol by ₹5 and diesel by ₹3 per litre nationwide following eased West Asian tensions and lower oil prices, while state-owned IOC, BPCL, HPCL maintained prices; additionally, the Centre slashed commercial LPG prices by ₹183 in Delhi.
The price cut follows a decline in global crude oil prices in recent weeks after easing tensions in West Asia and the reopening of a key maritime route, which helped restore oil and LNG supplies and reduced fears of supply disruptions.
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) which together operate over 90% of India’s fuel stations, have not changed retail prices. In Delhi, petrol continues to sell at Rs 102.12 per litre and diesel at ₹95.20 per litre at IOC outlets.
Earlier, Nayara had increased petrol and diesel prices by Rs 5 and Rs 3 per litre respectively on March 26, after the Iran conflict pushed up global crude prices. State-run companies also raised fuel prices cumulatively by Rs 7.50 per litre in multiple revisions during the second half of May.
The latest cut effectively reverses Nayara’s earlier hike and comes as global oil markets stabilise.
Nayara has completed turnaround operations at its refinery and is running at full capacity to meet domestic demand. The company operates a 20 million tonne per year oil refinery in Vadinar, Gujarat.
Among major cities, Hyderabad recorded the highest petrol price on Wednesday at Rs 115.69 per litre. The city also topped diesel prices, with rates at Rs 103.82 per litre.
City-wise petrol prices (Rs per litre):
Delhi – 102.12
Hyderabad – 115.69
Kolkata – 113.51
Mumbai – 111.21
Chennai – 107.76
Gurugram – 102.97
Bengaluru – 111.68
Bhubaneswar – 108.97
Chandigarh – 101.54
Meanwhile, the Centre has cut the price of 19 kg commercial LPG cylinders by Rs 183, providing relief to businesses such as restaurants and hotels.
In Delhi, the price has been reduced from Rs 3,113 to Rs 2,930 per cylinder.
The reduction comes after a series of price hikes during the Iran-related West Asia conflict and follows the restoration of commercial LPG supply to pre-crisis levels.
The Petroleum Ministry said restrictions were eased after improvements in domestic LPG production and the expected arrival of imported cargoes. It added that bulk LPG supplies, earlier suspended during the crisis, have now been partially restored to 50% of pre-war consumption levels.
Commercial LPG supplies were disrupted during the peak of the West Asia tensions, leading to price hikes and rationing. While supplies had improved to around 70% of normal levels in recent weeks, several sectors were still operating under reduced allocations until the latest decision.
