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Nayara Hikes Petrol By Rs 5, Diesel By Rs 3 As Iran War Lifts Global Oil Prices
Nayara Hikes Petrol By Rs 5, Diesel By Rs 3 As Iran War Lifts Global Oil Prices
Nayara Petrol Price Today: Nayara Energy, India’s largest private fuel retailer, on Thursday raised petrol prices by Rs 5 per litre and diesel by Rs 3 a litre, passing on part of the recent surge in global oil prices following the war in the Middle East, sources said.
Fuel marketing companies in India have been under strain as retail petrol and diesel prices remained frozen despite a nearly 50 per cent surge in international oil prices since February 28, when the United States and Israel launched military strikes against Iran, triggering sweeping retaliation from Tehran.
Nayara Energy, which operates 6,967 of India’s 102,075 petrol pumps, has decided to pass on part of the increase in input costs to consumers, two sources with direct knowledge of the matter said.
A company spokesperson did not immediately offer any comment on the story.
State-owned fuel retailers, who control about 90 per cent of the market, continue to keep rates on freeze.
Sources said while Nayara, majority-owned by Russia’s Rosneft, hiked petrol price by Rs 5 per litre and diesel by Rs 3, the effective rate increase differs from state to state depending on the incidence on local taxes like VAT. In some places, the increase is as high as Rs 5.30 per litre for petrol.
“Private fuel retailers in India receive no government compensation to offset losses from holding back price increases, unlike state-owned firms that are supported for acting as “good corporate citizens", sources said, adding that mounting losses have left them with little choice but to raise retail prices.
Retail petrol and diesel prices have been frozen since April 2022, with state-run Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) absorbing losses when crude prices are high and making profits when rates are low.
The three retailers last week hiked the price of premium or higher-grade petrol price by Rs 2 per litre and the rate of bulk diesel sold to industrial users by about Rs 22 a litre.
However, the price of normal petrol and diesel remains unchanged.
Premium 95-Octane petrol price in Delhi has been increased from Rs 99.89 per litre to Rs 101.89. Alongside, bulk or industrial diesel prices were hiked from Rs 87.67 per litre to Rs 109.59 in the national capital.
International oil prices touched USD 119 per barrel earlier this month on intensifying Iran war, before pulling back to around USD 100 a barrel.
Also See: No LPG Or Fuel Shortage In India, Panic Being ‘Deliberately Spread’ Says Petroleum Ministry
A litre of normal petrol in Delhi continues to cost Rs 94.77 while the same grade diesel comes for Rs 87.67 a litre.
Normal petrol typically has an octane rating of 91-92 and is suitable for standard engines, offering adequate performance for everyday driving. Premium petrol, on the other hand, has a higher octane rating of 95-98, making it ideal for high-performance or high-compression engines.
The government has maintained that petrol and diesel are deregulated commodities whose pricing is independently decided by oil marketing companies.
India imports 88 per cent of its crude oil needs and roughly half of its natural gas requirement. These mostly come via the Strait of Hormuz. Following the US and Israeli attacks on Iranian government, military and nuclear facilities, Iran warned shipping away from the strait, and insurers withdrew coverage, effectively halting tanker movements.
Prices had risen to USD 119 per barrel in June 2022 in the aftermath of Russia’s invasion of Ukraine. That year, oil companies had nominal profits, but in FY24, they posted record Rs 81,000-crore profit, helping make up for past dent in margins.
This year, the three companies have posted Rs 23,743 crore profit in the December quarter alone.
Source: News18
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