Nayara hikes petrol by Rs 5, diesel by Rs 3 amid pressure from rising oil prices
Nayara Energy has announced an increase in fuel prices, raising petrol rates by Rs 5 and diesel by Rs 3 per litre. This decision comes in response to climbing international crude oil costs. Notably, Nayara had previously reduced prices for the first time in two years as global tensions subsided.
Nayara Energy, a private fuel retailer, has raised petrol prices by Rs 5 per litre and diesel prices by Rs 3 per litre, following pressure from rising international crude and refined-product costs. The increase took effect on Saturday, with Nayara operating 7,108 petrol pumps across India. This move comes as state-owned fuel retailers have already raised prices, with their cumulative hike reaching around Rs 7.50 per litre each for petrol and diesel by late May.
As international crude prices eased due to a decrease in West Asia tensions, Nayara initially reduced its prices, but has now raised them again due to renewed pressure from global fuel costs. The company's action highlights the challenges faced by oil marketing companies (OMCs) in maintaining profitability amid fluctuating fuel prices.
Brief written by urgent.news from Times of India's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
