Now Reading: Nayara Energy hikes petrol by Rs 5, diesel by Rs 3
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Nayara Energy hikes petrol by Rs 5, diesel by Rs 3
Nayara Energy, India’s largest private fuel retailer, has raised petrol prices by Rs 5 per litre and diesel by Rs 3 per litre with immediate effect from Saturday, 3 October. The company cited rising crude oil and refined product costs, as crude remains above $100 a barrel. The new prices apply across its 7,108 fuel stations nationwide.
State-run oil companies, Indian Oil, Bharat Petroleum and Hindustan Petroleum, have not raised prices. They operate or control over 90% of India’s 1,04,137 petrol pumps. The hike follows a similar Nayara increase on 26 March due to Iran-linked supply concerns, which was reversed on 1 July after West Asia tensions eased.
Days earlier, on 1 October, the government told private retailers not to cap fuel sales after Nayara and Jio-bp limited quantities at some pumps amid retail losses. The price gap between private and state retailers may widen further, and if other retailers follow, higher fuel costs could affect freight charges, operational expenses, inflation and demand.
Indian Opinion Analysis
The hike applies only at Nayara’s 7,108 pumps, leaving state-owned networks that cover over 90% of India’s 1,04,137 stations untouched. This widens the price gap between private and public retailers, a gap that already drove industrial users to buy cheaper retail diesel the government this week told private firms not to cap sales. If state oil companies do not follow, Nayara risks losing customers, if they do, higher fuel costs will push up freight, operating expenses and inflation. The decision also comes as crude stays above $100 a barrel and follows a similar Nayara hike on 26 March that was reversed on 1 July when West Asia tensions eased. Whether the current Iran-linked supply disruption proves more persistent will determine how long this increase stays in place.
Source: aajtak.in
This brief was synthesised by AI from the source linked above. Methodology and corrections.
