New Delhi: Nayara Energy on Thursday hiked petrol prices by Rs 5 per litre and diesel by Rs 3 a litre, sources said. Nayara Energy is India’s largest private fuel retailer. Nayara Energy increased the fuel prices due to the recent surge in global oil prices following the US-Iran war which has disrupted energy spplies in Gulf countries.
The fuel companies in India have been under huge pressure as retail petrol and diesel prices remained frozen, while the crude has recorded a massive jump since February 28, when the US and Israel launched joint military strikes against Iran, triggering retaliation from Tehran.
The PTI quoted sources saying that Nayara Energy has hiked the fuel prices to pass on part of the increase in input costs to consumers. The company operates 6,967 of India’s 102,075 petrol pumps.
Jio-bp, another fuel retailer operating 2,185 outlets across India has not increase petrol and diesel prices. Jio-bp is a joint venture of Reliance Industries and BP Plc.
State-owned fuel retailers, which have the maximum control over the domestic market, continue to keep rates petrol and diesel on freeze.
“Private fuel retailers in India receive no government compensation to offset losses from holding back price increases, unlike state-owned firms that are supported for acting as “good corporate citizens”, sources were quoted by news agency.