Petrol, Diesel Prices Jump! Nayara Raises Fuel Prices By Rs 5 Per Litre Amid Iran-US War in West Asia

Petrol, Diesel Prices Jump in India: Amid escalating tensions in West Asia and no signs of de-escalation in the Iran-US conflict, Nayara Energy has become the first major fuel retailer in India to hike retail fuel prices. The company has increased petrol prices by Rs 5 per litre and diesel by Rs 3 per litre, according to a PTI report on Thursday, March 26.

The petrol and diesel price hike by Nayara marks the first disruption in retail fuel prices, which remained unchanged for a long time amid concerns of the West Asia crisis' ripple effect. Fuel marketing companies are facing a massive surge in international crude costs since the beginning of the Iran-US war on February 28.

The brent crude oil price has rallied beyond $110 per barrel due to supply side concerns amid Iran-US war. While US President Donald Trump, recently announced a five-day break in Iran-US war, Tehran has rejected the peace talks plan and also reportedly carried out strikes on Israel.

Petrol, Diesel Price Rise In India: Nayara Energy Hikes Fuel Rates

Nayara Energy has increased pump rates, reported PTI citing sources. Petrol prices have gone up by Rs 5 per litre, while diesel is dearer by Rs 3 a litre. The company is passing on only part of the higher crude costs, as domestic rates had stayed unchanged despite the international surge linked to tensions in the Middle East.

Nayara Energy Operates 6,967 Petrol Pumps

The Rosneft-backed company operates around 6,967 of India's 102,075 petrol pumps. The recent revision in retail petrol prices in India is likely to impact motorists. The recent hike in petrol prices also reflects strain on fuel retailers from sustained higher global prices.

Has HP, Indian Oil, BPCL, Indian Oil Raised Petrol Prices?

As of now, Nayara Energy has reportedly increased petrol and diesel prices for retail buyers. HP, Indian Oil, BPCL, and other fuel station operators have kept the retail prices unchanged. However, the premium petrol and commercial diesel prices were hiked recently.

The partial increase suggests companies are trying to balance profitability with affordability, while keeping a close watch on how geopolitical events in the Middle East continue to influence crude benchmarks.

Premium Petrol Price Hike in India

Public Sector oil marketing companies like Hindustan Petroleum (HPCL) and Indian Oil (IOCL) had announced increase in price of premium petrol by around Rs 2.09 to Rs 2.35 per litre on March 20. Post the fuel price hike in India by these OMCs, branded fuels like XP95, and Power became more expensive by Rs 111.68 to around Rs 113.77 per litre.