Nayara Energy Hikes Petrol and Diesel Prices Amid Rising Crude Oil Costs
Nayara Energy has raised petrol and diesel prices across its nationwide network in India. The price hike is effective from Saturday, October 3, and affects 7,108 fuel stations operated by the company.
The increase is Rs 5 per litre for petrol and Rs 3 per litre for diesel. This move comes as international crude oil and refined-product prices have risen sharply, putting pressure on Nayara Energy's retail fuel margins.
The exact price revision may vary from state to state due to differences in local taxes, including VAT. This is the second time this year that Nayara Energy has raised petrol and diesel prices, with the previous hike being Rs 5 per litre for petrol and Rs 3 per litre for diesel in March.
Rising international crude oil prices have resulted in growing marketing losses for fuel retailers, particularly private companies like Nayara Energy. Rating agency Icra estimated that oil marketing companies were facing negative marketing margins of around Rs 8 per litre on petrol and Rs 9 per litre on diesel in September, resulting in a loss of nearly Rs 530 crore a day.