Nayara Energy has reduced petrol prices by ₹ 5 per litre and diesel prices by ₹ 3 per litre on Wednesday. The new rates apply across their 7,000+ stations in India, though final prices vary state by state depending upon taxes such as VAT.
With this step, Nayara becomes the first fuel retailer in India to reduce pump rates in over two years as the easing of tensions in West Asia dropped global crude oil prices.
In contrast, the government-owned retailers such as Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) have chosen not to lower their prices.
However, the prices still remain unchanged for most consumers in India as the state-run retailers account for more than 90 percent of India's total fuel stations.
Nayara has initially hiked petrol by ₹5 per litre and diesel by ₹3 per litre on March 26 to manage surging global oil costs due to the outbreak of the west asia conflict. The price cut reverses Nayara's March increase
