What is the story about?
Nayara Energy has increased petrol prices by ₹5 per litre and diesel by ₹3 per litre, a move expected to directly impact consumers.
The hike was confirmed by Dharmendra Patel, coordinator of the Federation of Gujarat Petroleum Dealers Association, in a statement to CNBC Awaaz.
The price revision comes amid rising global crude oil prices, driven by ongoing geopolitical tensions in West Asia and supply uncertainties. Elevated crude prices have made it increasingly difficult for companies to continue selling fuel at existing rates.
However, the Ministry of Petroleum and Natural Gas (MoPNG) has indicated that there has been no price increase by state-run oil marketing companies (OMCs) so far.
Market attention remains on PSU refiners — Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation — which together account for nearly 90% of India’s fuel retail market.
Private fuel retailers, including Nayara Energy, cater to a relatively small share of the market, limiting the immediate nationwide impact of the price hike unless PSU players follow suit.
Recently HPCL raised premium petrol prices, while IOCL sharply hiked industrial diesel, while regular petrol prices remained unchanged.
Nayara Energy’s move is being seen in the context of its own financial challenges in recent years, particularly following sanctions-linked disruptions.
Market experts say that if crude prices remain elevated for an extended period, PSU OMCs may have limited room to avoid price hikes, raising the likelihood of broader fuel price increases across the country.
The hike was confirmed by Dharmendra Patel, coordinator of the Federation of Gujarat Petroleum Dealers Association, in a statement to CNBC Awaaz.
The price revision comes amid rising global crude oil prices, driven by ongoing geopolitical tensions in West Asia and supply uncertainties. Elevated crude prices have made it increasingly difficult for companies to continue selling fuel at existing rates.
However, the Ministry of Petroleum and Natural Gas (MoPNG) has indicated that there has been no price increase by state-run oil marketing companies (OMCs) so far.
Market attention remains on PSU refiners — Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation — which together account for nearly 90% of India’s fuel retail market.
Private fuel retailers, including Nayara Energy, cater to a relatively small share of the market, limiting the immediate nationwide impact of the price hike unless PSU players follow suit.
Recently HPCL raised premium petrol prices, while IOCL sharply hiked industrial diesel, while regular petrol prices remained unchanged.
Nayara Energy’s move is being seen in the context of its own financial challenges in recent years, particularly following sanctions-linked disruptions.
Russia’s Rosneft-backed Nayara Energy is planning to halt operations for around 35 days starting early April for maintenance at its 20 million tonnes-per-year
Vadinar refinery in Gujarat, the country’s second-largest, according to a report on Times of India.
The shutdown, which follows delays last year due to European Union sanctions that disrupted supplies from key vendors, could temporarily take nearly 8% of India’s refining capacity offline and tighten domestic fuel availability.
Market experts say that if crude prices remain elevated for an extended period, PSU OMCs may have limited room to avoid price hikes, raising the likelihood of broader fuel price increases across the country.
