Nayara Energy Hikes Petrol, Diesel Prices Here Are The Latest City-Wise Fuel Rates

(MENAFN- Live Mint) Nayara Energy, the premier private fuel merchant in India, implemented a price hike on Thursday, raising petrol by ₹5 and diesel by ₹3 per litre. This adjustment is aimed at offsetting the sharp spike in international oil benchmarks following the US-Israel war on Iran, news agency PTI reported, citing sources.

Fuel distributors across the nation have faced significant financial pressure as domestic retail prices have remained stagnant despite a nearly 50% surge in global crude prices since late February. This market volatility followed military strikes by the United States and Israel against Iran, which prompted a series of retaliatory measures from Tehran.

Nayara Energy, which manages 6,967 of the 102,075 filling stations nationwide, opted to transfer a portion of these rising procurement costs to the public, according to PTI.

Also Read | Middle East conflict: Gulf countries condemn Iran over attacks on energy infra

While the Rosneft-backed Nayara increased base rates for petrol and diesel by ₹5 and ₹3, respectively, the final impact on consumers varies by region due to differing state levies, such as VAT. In specific areas, petrol prices reached as high as ₹5.30 per litre, PTI reported.

Meanwhile, Jio-bp - the retail partnership between Reliance Industries and BP Plc overseeing 2,185 locations - has maintained its current pricing structure for now, even as it sustains substantial losses on every litre of fuel sold.

State-controlled retailers, who dominate approximately 90% of the domestic landscape, continue to keep prices frozen.

According to the PTI report, escalating deficits left the private firm with no alternative but to adjust its retail figures.

Broad retail prices for petrol and diesel have been largely static since April 2022. During this period, state-run giants Indian Oil Corporation (IOC), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) have acted as a buffer, absorbing losses during crude peaks and recovering margins when prices soften.

Last week, these three entities increased the cost of premium-grade petrol by ₹2 and raised bulk diesel rates for industrial clients by roughly ₹22 per litre.

Nevertheless, standard petrol and diesel prices were left untouched. In Delhi, high-octane Premium 95 petrol rose from ₹99.89 to ₹101.89 per litre. Concurrently, industrial diesel rates in the capital jumped from ₹87.67 to ₹109.59. Earlier this month, global oil briefly touched $119 per barrel amid the intensifying conflict, before stabilising near $100.

Currently, a litre of standard petrol in Delhi is priced at ₹94.77, while diesel is priced at ₹87.67.

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Some of the steepest prices are seen in Hyderabad, where petrol hit ₹107.46 on Thursday. Major hubs like Mumbai and Kolkata also saw prices exceeding the ₹100 threshold. Hyderabad further leads tier-1 cities in diesel costs at ₹95.70 per litre.

City-wise petrol prices:

Hyderabad ₹107.46 per litre

Kolkata ₹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

Noida ₹95.16 per litre

New Delhi ₹94.77 per litre

Chandigarh ₹94.30 per litre

City-wise diesel prices:

Hyderabad ₹95.70 per litre

Bhubaneswar ₹92.77 per litre

Chennai ₹92.39 per litre

Kolkata ₹92.02 per litre

Bangalore ₹90.99 per litre

Mumbai ₹90.03 per litre

Noida ₹88.31 per litre

Gurgaon ₹88.03 per litre

New Delhi ₹87.67 per litre

Chandigarh ₹82.45 per litre

The Centre asserts that fuel pricing is deregulated and managed independently by oil firms.

India currently imports 88% of its crude and half of its gas, largely via the Strait of Hormuz. Following strikes on Iranian infrastructure, Tehran's warnings to shipping and the withdrawal of insurance coverage have effectively paralysed tanker transit through the vital waterway.

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