Private fuel retailer Nayara Energy has reduced petrol prices by Rs 5 per litre and diesel prices by Rs 3 per litre, citing softer international crude oil prices.
The move comes shortly after oil marketing companies announced a Rs 183.50 reduction in the price of 19-kg commercial LPG cylinders, offering relief to businesses and transport operators.
Fuel prices had witnessed a sharp increase in May, with petrol and diesel rates rising by more than Rs 2.50 per litre on May 25. Since mid-May, cumulative revisions had pushed retail fuel prices up by nearly Rs 7.50 per litre, taking them to their highest levels in more than two years.
The latest price cut by Nayara Energy is expected to provide some relief to motorists. However, consumers should note that the reduction has been announced only by Nayara Energy which said to have 7000+ outlets across India but is not available in all cities. The revised rates have come into effect across the company's network of more than 7,000 fuel stations nationwide, according to industry sources.
Actual fuel prices vary from state to state due to local taxes and levies such as Value Added Tax (VAT).
Meanwhile, public sector oil retailers have not revised their fuel prices. State-owned companies including Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, which together account for over 90% of India's more than one lakh fuel stations, have kept rates unchanged.
At IOC outlets in Delhi, petrol continues to be sold at Rs 102.12 per litre, while diesel remains priced at Rs 95.20 per litre.
Latest Petrol Prices in Major Cities
- Delhi: Rs 102.12 per litre
- Mumbai: Rs 111.21 per litre
- Bengaluru: Rs 111.68 per litre
- Kolkata: Rs 113.51 per litre
- Chennai: Rs 107.76 per litre
Consumers should note that the above prices are for outlets operated by public sector oil companies and do not reflect the revised rates at Nayara Energy fuel stations, where petrol and diesel should now be available at lower prices following the latest price cut.
