Nayara Energy has raised petrol and diesel prices by up to 5 per litre, marking the first increase since the Middle East conflict escalated. The move breaks the long-standing price freeze on normal-grade fuels and comes amid rising global crude costs.
The company, India’s largest private fuel retailer with nearly 7,000 petrol pumps, cited the surge in international crude prices following military strikes on Iranian facilities as the key factor behind the hike. Sources told PTI that the effective increase varies across states due to local taxes, with petrol prices rising by as much as 5.30 per litre in some areas.
“The ongoing disruption in crude oil supplies has created unprecedented challenges in the industry, impacting several aspects of fuel distribution and availability,” said Nayara Energy.
“We assure our customers that we are fully focused on meeting India’s energy needs by maintaining a consistent supply of high-quality fuels. Our 7000+ retail network continues to operate normally, with no interruptions in service across our outlets,” it added.
“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. Nayara Energy is committed to being the Nation’s energy partner and prioritizes operational stability and uninterrupted service for our customers,” the company said.
Diesel prices have also increased by up to 3 per litre. Nayara Energy, backed by Rosneft, operates without the government compensation that state-run oil firms receive, which control 90 per cent of the market. This has compelled the company to pass on some of the rising import costs to consumers.
Meanwhile, public sector oil marketing companies (OMCs) such as Indian Oil and Hindustan Petroleum have raised premium petrol prices by 2.09 to 2.35 per litre since March 20. However, they have kept regular petrol and diesel prices unchanged, providing some relief to the general public despite the recent 4 per cent rise in Brent crude prices.
The price changes are linked to disruptions in global fuel supplies caused by attacks on energy infrastructure in the Middle East. India’s Petroleum Ministry highlighted that domestic refineries are running at high capacity and that the country has diversified its energy imports to reduce dependence on the Strait of Hormuz.
In cities like Hyderabad, the price difference between private and state-run fuel stations has led to panic buying and long queues. Commuters reported increased ride-hailing fares due to the chaos. Indian oil companies issued statements assuring adequate stock availability and urged the public to avoid rumours.
While petrol and diesel are deregulated commodities, the ongoing price freeze at public sector pumps means Nayara Energy currently holds the only independent pricing power in response to the sharp rise in global input costs.
This price rise by Nayara Energy signals a significant shift in the Indian fuel retail market, reflecting the direct impact of international events on domestic fuel pricing.
