New Delhi: India’s largest private fuel retailer, Nayara Energy, on Thursday increased petrol prices by Rs 5 per litre and diesel by Rs 3, reflecting part of the sharp rise in global crude costs triggered by the ongoing conflict in the Middle East, sources said.
The move comes as fuel retailers face mounting pressure from a nearly 50 per cent jump in international oil prices since February 28, when US and Israeli strikes on Iran escalated tensions and disrupted supplies.
Nayara, which operates 6,967 of India’s 102,075 petrol pumps, has now revised retail rates to Rs 100.71 per litre for petrol and Rs 91.31 for diesel.
In a statement, the company cited “unprecedented challenges” due to supply disruptions but did not specify the extent of the hike. It said operations remain stable, adding, “We are fully focused on meeting India’s energy needs by maintaining a consistent supply of high-quality fuels.”
Meanwhile, Jio-bp, which runs 2,185 outlets, has not revised prices despite reported losses. State-owned retailers, controlling about 90 per cent of the market, have also kept prices unchanged.
Sources said private retailers receive no compensation for holding prices, leaving them with limited options as losses mount.mpost