Nayara hikes petrol by Rs 5, diesel by Rs 3 amid pressure from rising oil prices
Private fuel retailer Nayara Energy has increased petrol and diesel prices to align with rising international crude costs. This move follows a period of negative marketing margins for oil companies and previous price fluctuations throughout the year.
Why it matters
Fuel price adjustments by private retailers significantly impact consumer inflation and the broader economic landscape in India.
Nayara Energy has raised petrol prices by Rs 5 a litre and diesel prices by Rs 3 at its outlets, as the private fuel retailer moves to narrow the gap between domestic pump prices and higher international crude and refined-product costs.The increase came into effect from the early hours of Saturday, people familiar with the matter said. Nayara operates 7,108 petrol pumps across India.The latest revision follows a series of price changes by the company this year as refiners have faced pressure from disruptions in global energy markets.Nayara was the first fuel retailer to pass on the sharp rise in international oil prices to consumers after the Iran conflict disrupted energy supplies earlier this year. On March 26, it increased petrol and diesel prices by Rs 5 and Rs 3 a litre, respectively.
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