Nayara Energy, one of the country’s largest private fuel retailers, hiked the prices of petrol and diesel on Thursday. The company has increased petrol prices by ₹5 per liter and diesel prices by ₹3 per liter.
According to sources, this decision was taken following a recent surge in global crude oil prices. The ongoing conflict in the Middle East has triggered a sharp spike in international oil prices, the impact of which is now becoming visible in the domestic market as well.
Approximately 50% Rise in International Oil Prices
It is reported that international oil prices have risen by nearly 50 percent since February 28. During this same period, retail prices for petrol and diesel in India had remained stable for a prolonged duration, thereby mounting cost pressures on fuel marketing companies.
Company Operates 6,967 Petrol Pumps Across the Country
Nayara Energy operates approximately 6,967 of the country’s total 102,075 petrol pumps. The company has now decided to pass on a portion of its increased costs to consumers. However, no official statement regarding this matter has been issued by the company as of yet.
According to sources, Nayara—which is owned by Russia’s Rosneft—has raised petrol prices by ₹5 per liter and diesel prices by ₹3 per liter; however, the actual effective increase varies from state to state, depending on local taxes such as VAT. In some locations, the price of petrol has risen by as much as ₹5.30 per liter.
What is the Status of Other Companies?
Meanwhile, Jio-BP—a joint venture between Reliance Industries and BP—has not yet made any changes to its prices, despite incurring losses on the sale of petrol and diesel. On the other hand, state-owned oil companies—Indian Oil, Bharat Petroleum, and Hindustan Petroleum—which collectively control approximately 90 percent of the market, have kept retail prices unchanged since April 2022.
No Government Aid to Compensate Private Companies
Sources indicate that private companies receive no government assistance to compensate for their losses, whereas state-run companies are supported in their efforts to keep prices under control. Due to continuously mounting losses, private companies have limited options left other than raising prices.
Premium Petrol Prices Rise
However, state-run companies recently hiked the price of premium petrol (95 octane) by ₹2 per liter and the price of bulk diesel—intended for industrial use—by approximately ₹22 per liter. In Delhi, the price of premium petrol has risen from ₹99.89 to ₹101.89 per liter, while bulk diesel has surged from ₹87.67 to ₹109.59 per liter. Despite this, the prices of regular petrol (₹94.77) and diesel (₹87.67) remain unchanged.
Fluctuations in Crude Oil Prices
International oil prices soared to as high as US$119 per barrel earlier this month due to the escalating conflict involving Iran, though they subsequently eased to approximately US$100 per barrel.
India Imports 88% of Its Crude Oil
In Delhi, the price of regular petrol stands at ₹94.77 per liter, while diesel of the same grade is priced at ₹87.67 per liter. India imports approximately 88 percent of its crude oil requirements, a significant portion of which is transported through the Strait of Hormuz. Uncertainty regarding supply persists due to rising tensions in the region and their potential impact on shipping operations.
The government maintains that petrol and diesel are deregulated commodities, and the authority to determine their prices rests with the oil marketing companies. Consequently, further fluctuations in fuel prices remain possible, driven by global market rates and prevailing geopolitical conditions.
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