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Petrol-Diesel Rates: Nayara Energy, India's largest private fuel retailer, has cut petrol prices by ₹5 per liter and diesel prices by ₹3 per liter. The new rates came into effect on Wednesday (July 1) at the company's more than 7,000 petrol pumps across the country. This marks the first major retail fuel price cut by any oil company in the last two years. The company took this decision following a drop in crude oil prices in the international market.

This price reduction follows a decline in global crude oil prices, driven by easing tensions in West Asia and the reopening of a key maritime route. The reopening of the sea route restored supplies of crude oil and liquefied natural gas (LNG), thereby alleviating concerns regarding supply disruptions.

According to industry sources, the new prices are applicable at Nayara's 7,000+ fuel stations nationwide. Actual prices at the pumps may vary depending on local taxes, such as Value-Added Tax (VAT), in different states.

Why have petrol and diesel prices dropped?

Supplies of crude oil and LNG have normalized due to reduced tensions in West Asia and the reopening of a crucial maritime route. This led to a softening of crude oil prices in the global market, a benefit Nayara Energy has passed on to its customers.

However, state-owned oil companies—Indian Oil (IOC), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL)—have not yet changed their petrol and diesel prices. In Delhi, petrol remains priced at ₹102.12 per liter and diesel at ₹95.20 per liter at IOC pumps.

Prices were hiked in March.

Nayara Energy had previously raised petrol prices by ₹5 per liter and diesel prices by ₹3 per liter on March 26, following a surge in international oil prices amidst the Iran conflict. The company has now reversed that hike.

How much will consumers benefit?

If you fill up 50 liters of petrol, you will save approximately ₹250.

If you fill up 50 liters of diesel, you will save approximately ₹150.

Ready for nationwide supply

According to sources, Nayara Energy's refinery in Vadinar, Gujarat—which has a capacity of 20 million tonnes per annum—is operating at full capacity following the completion of maintenance work. The company is prepared to meet fuel demand across the country. Nayara was among the first retailers to raise fuel prices following a surge in international oil prices caused by the Iran-US conflict; on March 26, it had increased petrol prices by ₹5 per liter and diesel prices by ₹3 per liter.

Subsequently, state-owned fuel retailers also raised prices. Through multiple revisions in the latter half of May, they increased petrol and diesel prices by a total of ₹7.50 per liter. This hike reflected higher international crude prices and increased product costs. The price cut implemented by Nayara on Wednesday effectively reverses the hike made in March.

This marks the first indication that lower fuel prices are reaching Indian consumers following the stabilization of the global oil market in recent weeks. According to sources, Nayara is fully prepared to meet demand now that refinery maintenance is complete, and it is utilizing its entire network to cater to the country's consumption needs.