New Delhi, March 26: 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.
Petrol at Nayara pumps now costs Rs 100.71 a litre and diesel costs Rs 91.31 per litre.
Without giving out the quantum of increase in prices, the company, in a statement, said the ongoing disruption in crude oil supplies has created unprecedented challenges in the industry, impacting several aspects of fuel distribution and availability.
“We assure our customers that we are fully focused on meeting India’s energy needs by maintaining a consistent supply of high-quality fuels,” it said, adding its petrol pumps continue to operate normally with no interruptions in services.
“Further, our refinery turnaround has been meticulously planned and we remain fully equipped to ensure that there will be no shortfall in fuel supplies during this period,” it said. “Nayara Energy is committed to being the nation’s energy partner and prioritizes operational stability and uninterrupted service for our customers.
Jio-bp, the fuel retailing joint venture of Reliance Industries and BP Plc that owns 2,185 outlets, has, however, so far not raised prices despite incurring heavy losses on sale of petrol and diesel.
State-owned fuel retailers, who control about 90 per cent of the market, continue to keep rates on freeze. (PTI)
