India's largest private fuel retailer, Nayara Energy, has reduced petrol prices by Rs 5 per litre and diesel prices by Rs 3 per litre across its nationwide network. The revised rates came into effect on Wednesday at all of the company's more than 7,000 fuel stations, making it the first retail fuel price cut by any company in over two years.
The move follows a decline in international crude oil prices after tensions in West Asia eased and the reopening of a key maritime route improved the flow of crude oil and liquefied natural gas (LNG), reducing concerns over global supply disruptions.
