Nayara Energy slashes petrol, diesel prices by up to ₹5
What's the story
Nayara Energy, India's largest private fuel retailer, has announced a nationwide reduction in petrol and diesel prices. The company has slashed the price of petrol by ₹5 per liter and that of diesel by ₹3 per liter. This is the first price cut in over two years and comes as global oil prices have stabilized amid easing tensions in West Asia.
Implementation
Nayara's revised rates have been implemented at all fuel stations
The revised rates have been implemented at all of Nayara's more than 7,000 fuel stations across India. However, it's important to note that actual pump prices may vary from state to state due to local taxes and duties such as value-added tax (VAT). Public sector fuel retailers like Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) have not yet announced any price revisions.
Market response
Nayara's latest price cut reverses earlier hike
The latest price cut by Nayara effectively reverses its earlier March hike when it had raised petrol prices by ₹5 per liter and diesel by ₹3 per liter. The move comes as a relief for consumers after state-owned retailers IOC, BPCL, and HPCL have kept their prices unchanged despite the global oil market stabilization in recent weeks.