Nayara Energy Slams Petrol by ₹5, Diesel by ₹3 Amid Soaring Crude Oil Prices
Nayara Energy, one of India's major fuel retailers, has increased petrol prices by ₹5 per litre and diesel by ₹3 per litre across its 7,000 outlets in the country. This price hike came into effect on Saturday due to a sharp rise in international crude oil and refined fuel prices.
The Brent crude price has crossed $102 per barrel, driven by uncertainty surrounding the conflict in West Asia and wider geopolitical tensions. As a result, global oil prices have put pressure on the margins of fuel retailers like Nayara Energy.
Notably, state-run oil companies such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum are also facing significant losses due to domestic fuel prices not fully reflecting the rise in global crude prices. According to Icra estimates, these companies were facing negative marketing margins of around ₹8 per litre on petrol and ₹9 per litre on diesel.
This latest price hike could have a ripple effect on transportation and logistics costs if higher fuel prices spread across the market. There is growing speculation that other fuel retailers might also come under pressure to revise their prices if international crude remains above $100 per barrel.