Noida, July 1 (APAC Media): Nayara Energy on Wednesday reduced retail prices of petrol by ₹5 per litre and diesel by ₹3 per litre across its fuel station network, with the revised rates taking effect immediately, in response to a decline in global crude oil prices.
The revised rates are applicable at all Nayara Energy retail outlets across India, according to company sources. The move comes as international crude oil benchmarks have softened in recent weeks due to easing geopolitical tensions and improved supply expectations in global markets.
Industry officials said the moderation in oil prices has provided downstream fuel retailers with limited headroom to adjust pump prices after a prolonged period of volatility.
The latest reduction is among the first significant cuts in retail fuel prices in recent months.
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State-owned oil marketing companies, including Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL), have not announced any corresponding change in retail fuel prices so far.
These companies collectively operate the majority of fuel stations in the country and typically revise prices in line with global crude trends and domestic pricing policies.
Nayara Energy, which operates a large refining and retail network in India, had earlier raised petrol and diesel prices by ₹5 and ₹3 per litre respectively in March when international crude oil prices had surged amid supply concerns.
The latest cut effectively offsets part of that earlier increase, providing some relief to consumers using Nayara Energy outlets in several states.
Market analysts said future fuel price movements will depend on the stability of crude oil markets and geopolitical developments affecting supply chains. They added that volatility in global energy markets remains a key factor influencing retail pricing decisions in India.
–ENDS–
Disclaimer:Â Views expressed are those of experts and do not reflect APAC Media. This is for informational purposes only, not financial advice. We are not responsible for investment decisions. Please consult a qualified financial advisor before investing.
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