Nayara Energy Cuts Petrol by ₹5, Diesel by ₹3
Summarized by AI; it may make mistakes. Check important info
Summarized by AI; it may make mistakes. Check important info
Nayara Energy had been among the first fuel retailers to increase prices after the West Asia conflict disrupted global oil markets. On March 26, it raised petrol prices by ₹5 per litre and diesel prices by ₹3 per litre.
With the latest revision, the company has reportedly rolled back that increase as international crude oil prices have eased.
Nayara Energy had earlier raised fuel prices by ₹5 per litre for petrol and ₹3 per litre for diesel on March 26 following a surge in global crude oil prices triggered by the West Asia conflict.
With the latest reduction, the company has effectively rolled back that increase. In Delhi, petrol and diesel at state-run retailers continue to retail at ₹102.12 and ₹89.62 per litre, respectively, while after the latest cut, Nayara's petrol and diesel prices stand at approximately ₹100.71 and ₹91.31 per litre, although actual rates may vary across states due to local taxes and VAT.
When will state-run OMCs cut prices?
India's state-run oil marketing companies (Indian Oil, Bharat Petroleum and Hindustan Petroleum) have often been portrayed as suffering heavy losses whenever global crude prices rise.
However, the recent sharp fall in the Indian crude basket—from $102.05 to $70.71 per barrel, a decline of over 30% as tensions in West Asia eased—has not translated into lower petrol and diesel prices for consumers, raising questions about the "bleeding oil companies" narrative.
A closer look at the numbers shows that retail fuel prices remained largely unchanged for nearly 660 days, despite crude prices falling significantly for much of that period and India importing large volumes of discounted oil.
Apart from a ₹2 per litre cut in March 2024, consumers saw little relief at the pump, while the three state-run OMCs reported strong combined profits. Critics argue that the mismatch between falling input costs and unchanged retail prices weakens claims that the companies are consistently absorbing losses during periods of global volatility.
