- Middle East tensions push crude prices up nearly 50%; impact now visible in India as private retailers begin revising rates
Punjab Newsline | National
One of India’s largest private fuel retailers, Nayara Energy, has increased petrol and diesel prices on Thursday. Petrol prices have been raised by ₹5 per litre, while diesel has become costlier by ₹3 per litre.
According to sources, the hike comes in response to a sharp rise in global crude oil prices. The ongoing tensions in the Middle East have triggered a significant surge in international oil rates, which is now starting to impact the domestic market.
Reports suggest that crude oil prices have jumped by nearly 50% since February 28. Despite this surge, fuel prices in India had remained stable for a long period, putting pressure on fuel marketing companies.
Nayara Energy operates around 6,967 petrol pumps out of India’s total 102,075 outlets. The company has now decided to pass on part of the increased cost burden to consumers. However, it has not issued any official statement yet.
Sources also indicate that Nayara backed by Russia’s Rosneft has implemented the price hike, though the actual increase varies across states due to local taxes like VAT. In some areas, petrol prices have risen by up to ₹5.30 per litre.
Meanwhile, Jio-BP, a joint venture between Reliance Industries and BP, has not yet revised its fuel prices, despite reportedly facing losses.
On the other hand, state-run oil giants—Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum—which together control nearly 90% of the market, have kept fuel prices unchanged since April 2022.