New Delhi
Private fuel retailer Nayara Energy on Thursday increased the prices of petrol and diesel. Petrol prices were raised by ₹5 per litre, while diesel prices went up by ₹3 per litre. With this move, Nayara Energy became one of the first companies to pass on the impact of rising global crude oil prices directly to consumers. However, prices may vary slightly across states due to local taxes such as VAT. In some areas, petrol prices rose by up to ₹5.30 per litre.
This increase comes amid heightened tensions in the Middle East, which have caused a sharp surge in international oil prices. Since the end of February, crude oil prices have risen by nearly 50 percent. The escalation followed attacks by Israel on Iran and retaliatory measures, raising concerns over disruptions in oil supply. Recently, international crude oil prices peaked at around $119 per barrel before easing to approximately $100 per barrel.
Despite this, government oil companies, including Indian Oil Corporation, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited, have not yet revised petrol and diesel prices. These public sector companies control nearly 90 percent of India’s fuel retail market, and prices have remained largely stable since April 2022.
India relies heavily on imports for its energy needs, with around 88 percent of crude oil coming from abroad. A significant portion passes through the Strait of Hormuz, which is currently affected by geopolitical tensions.
The government has assured that the country has adequate petrol and diesel stocks and that all fuel stations are operating normally. It also noted that PNG connections are being rapidly expanded nationwide and all refineries are running at full capacity.
Some panic buying was observed in certain areas due to rumors, but the government clarified that there is no shortage and citizens need not worry.
