Nayara Energy, India’s leading private fuel trader, introduced a price hike on Thursday, making petrol more expensive ₹5 and diesel would ₹3 per liter. This adjustment is aimed at leveling the sharp tip international oil benchmarks after the US-Israel war against Iran, press agency PTI stated with reference to sources.
Fuel distributors across the country faced significant financial pressure as domestic retail prices remained stagnant despite a nearly 50% rise in global oil prices since late February. This market volatility followed military strikes by the United States and Israel against Iran, which triggered a series of retaliations by Tehran.
Nayara Energy, which manages 6,967 of the 102,075 gas stations across the country, has decided to transfer some of these rising procurement costs to the public. PTI.
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While Rosneft-backed Nayara raised base rates for gasoline and diesel according to ₹5 a ₹3, respectively the final impact on consumers varies from region to region due to different state levies such as VAT. In specific areas, gasoline prices reached up to ₹5.30 per litre, PTI reported.
Jio-bp — the retail partnership between Reliance Industries and BP Plc that oversees 2,185 branches — has so far maintained its current pricing structure, even as it incurs significant losses on every liter of fuel sold.
State-controlled retailers, which control around 90% of the domestic environment, continue to keep prices at freezing point.
Escalating deficits have left the private firm with no option but to adjust its retail figures, according to a PTI report.
Broad retail petrol and diesel prices are largely static from April 2022. During this period, state-owned giants Indian Oil Corporation (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) acted as buffers, absorbing losses during oil peaks and restoring margins when prices fell.
These three entities increased the price of premium gasoline last week by ₹2 and increased diesel prices for industrial customers by approx ₹22 per liter.
However, the standard prices of petrol and diesel remained unaffected. Premium 95 high octane petrol has gone up in Delhi ₹99.89 to ₹101.89 per litre. At the same time, industrial diesel prices jumped in the capital ₹87.67 to ₹109.59. Earlier this month, global oil briefly touched $119 a barrel amid the escalating conflict before stabilizing near $100.
Currently, the price per liter of standard petrol in Delhi is ₹94.77 while diesel price is ₹87.67.
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Some of the steepest prices are seen in Hyderabad, where petrol has hit ₹107.46 on Thursday. Major hubs like Mumbai and Kolkata also saw prices higher than ₹a threshold of 100. Hyderabad further leads Tier 1 cities in diesel costs ₹95.70 per litre.
Gasoline prices in the city:
Hyderabad ₹107.46 per litre
Calcutta ₹105.41 per litre
mumbai ₹103.54 per litre
Bangalore ₹102.92 per litre
Bhubaneswar ₹101.19 per litre
Chennai ₹100.80 per litre
Gurgaon ₹95.57 per litre
New Delhi ₹94.77 per litre
Chandigarh ₹94.30 per litre
Diesel prices in the city:
Hyderabad ₹95.70 per litre
Bhubaneswar ₹92.77 per litre
Chennai ₹92.39 per litre
Calcutta ₹92.02 per litre
Bangalore ₹90.99 per litre
mumbai ₹90.03 per litre
Gurgaon ₹88.03 per litre
New Delhi ₹87.67 per litre
Chandigarh ₹82.45 per litre
The center claims that fuel prices are deregulated and managed independently by oil companies.
India currently imports 88% of its oil and half of its gas, mostly through the Strait of Hormuz. Following the attacks on Iran’s infrastructure, Tehran’s shipping warnings and cancellation of insurance coverage effectively paralyzed tanker transit through the vital waterway.
