Petrol prices in India have increased by up to ₹5.30 per litre, while diesel has gone up by around ₹3 per litre after Nayara Energy, the country’s largest private fuel retailer, raised fuel rates.
The hike comes amid rising global energy concerns triggered by the ongoing US-Iran conflict. Disruptions in global supplies, including tensions around the Strait of Hormuz and attacks on energy infrastructure, have led to a steady increase in fuel prices in recent weeks.
Nayara Energy, which operates nearly 7,000 petrol pumps across India, has passed on part of the rising input costs to consumers, sources said. The company, majority-owned by Russia’s Rosneft, has increased petrol prices by around ₹5 per litre and diesel by ₹3, though the final impact varies across states depending on local taxes such as VAT.
Sources added that private fuel retailers do not receive government compensation for absorbing price shocks, unlike state-owned companies, forcing them to revise retail prices amid mounting losses.
Amid concerns of fuel shortages, long queues were seen at petrol pumps in several states as people rushed to refuel their vehicles. Reports of panic buying also emerged from parts of Assam, including Guwahati, despite government assurances that there is no shortage of fuel. LPG supply concerns have further added to the rush at filling stations.
Among major cities, Hyderabad reported one of the highest petrol prices at ₹107.46 per litre, followed by Kolkata, Mumbai, and Bengaluru, where rates have crossed the ₹100 mark. Diesel prices were also highest in Hyderabad at ₹95.70 per litre.
Meanwhile, AIMIM chief Asaduddin Owaisi criticised the government’s handling of the situation, alleging that it was “caught off guard” in dealing with the emerging energy crisis and failed to build adequate strategic petroleum reserves. He also warned that fuel prices may rise further in the coming months. (Agency)
