Nayara Energy, India's largest private fuel retailer, on Wednesday cut petrol prices by Rs 5 per litre and diesel by Rs 3 a litre across its nationwide network, marking the first reduction in retail fuel prices by any company in more than two years as easing tensions in West Asia pulled down international oil prices.
The price cut follows a retreat in global crude oil prices after hostilities in West Asia eased and the reopening of a key maritime route restored the flow of crude oil and liquefied natural gas, reducing concerns over supply disruptions.
