Nayara Raises Fuel Prices By ₹5 & Rs3 Per Litre Following Global Surge
Indian fuel retailer Nayara Energy increased petrol and diesel costs starting Thursday, with a hike of ₹5 per litre for petrol and an additional rise in the global energy market volatility. The company operates as India's largest private fuel provider across its network nationwide to reflect these adjustments immediately on April prices at stations throughout cities like Delhi Mumbai Chennai Bangalore Kolkata Hyderabad Ahmedabad Pune Chandigarh Jaipur Nagpur Bhopal Lucknow Visakhapatnam Vizag Coimbatore Kochi Guwahati Amritsar Surat Vadodara Thiruvananthapuram.
Key Points
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1Nayara Energy, the largest private fuel retailer in India with nearly 7,000 pumps nationwide, raised petrol prices to Rs.5 more and diesel costs up by ₹3 per litre.
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2The price hike is attributed partly to a surge in global oil markets driven by geopolitical tensions following wars in the Middle East.
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3Fuel marketing companies across India are currently under strain due to these escalating input cost pressures.
Developments
Nayara Energy raised petrol by Rs 5 per litre and diesel by Rs 3 a litre to pass on part of the increased global oil costs following price freezes since April 2022. While state-owned retailers continue absorbing losses without compensation, private fuel companies like Nayara face mounting deficits as international prices surged nearly 50% due to Middle East tensions but receive no government support for holding back hikes or offsetting them with consumer increases.