Nayara Energy Cuts Petrol and Diesel Prices Across India After Global Oil Prices Ease

The revised fuel prices have come into effect at more than 7,000 Nayara Energy fuel stations across the country. According to industry sources cited by PTI, the actual retail prices may vary from one state to another because of differences in local taxes and value-added tax imposed by state governments.

Despite Nayara Energy's decision, retail fuel prices at public sector oil marketing companies remain unchanged. State-owned Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited, which together operate more than 90 per cent of the country's fuel retail outlets, have not announced any revision in petrol or diesel prices.

The latest reduction follows an earlier increase introduced by Nayara Energy in March this year during heightened tensions involving Iran and the United States. At that time, the company had increased petrol prices by ₹5.30 per litre and diesel prices by ₹3 per litre after disruptions in global crude oil supplies caused by conflict in West Asia and instability in the Strait of Hormuz, a strategic maritime route through which nearly one-fifth of the world's oil supply passes.

According to PTI, Nayara Energy, which is majority-owned by Russia's Rosneft, is fully prepared to meet domestic fuel demand and has mobilised its entire retail network following the completion of refinery maintenance operations. The company operates a 20-million-tonne-per-year oil refinery at Vadinar in Gujarat.

Among major Indian cities, Hyderabad continued to record the highest retail fuel prices on Wednesday. Petrol was priced at ₹115.69 per litre, while diesel stood at ₹103.82 per litre, making it the costliest city for both fuels.

Petrol prices in other major cities were ₹102.12 per litre in Delhi, ₹113.51 in Kolkata, ₹111.21 in Mumbai, ₹107.76 in Chennai, ₹102.97 in Gurugram, ₹111.68 in Bengaluru and ₹108.97 in Bhubaneswar.

Diesel prices stood at ₹95.20 per litre in Delhi, ₹99.82 in Kolkata, ₹97.83 in Mumbai, ₹99.55 in Chennai, ₹95.64 in Gurugram, ₹99.56 in Bengaluru, ₹100.68 in Bhubaneswar and ₹89.47 in Chandigarh.

Meanwhile, the Central Government announced on Monday that, with effect from July 1, restrictions on state-owned oil companies selling automobile fuels to bulk consumers have been removed. The government has also abolished the daily limit of 200 litres of diesel sales per vehicle, a move expected to improve fuel availability for bulk buyers.

Nayara Energy's decision marks a significant development in India's retail fuel market, reflecting the impact of easing global crude oil prices and changing geopolitical conditions. While private sector consumers will immediately benefit from the reduced prices, attention will now remain on whether public sector oil marketing companies follow with similar revisions in the coming days.