With this decision, Nayara Energy has become one of the first companies which have passed the impact of rising global crude oil prices directly to the customers by increasing the prices of petrol and diesel.
However, prices may vary slightly due to local taxes like VAT in different states. At some places the price of petrol has increased by Rs 5.30 per litre.
This increase has come at a time when there has been a sharp rise in international oil prices due to tension in the Middle East. Since the end of February, crude oil prices have increased by about 50 percent.
During this period, the fear of disruption in oil supply had increased due to Israel’s attack on Iran and its retaliatory measures. Recently, international crude oil reached around $119 per barrel, which later came down to around $100 per barrel.
Despite this, government oil companies like Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited have not yet made any change in the prices of petrol and diesel.
These government companies control about 90 percent of the country’s fuel retail market and prices have remained almost stable since April 2022.
India is largely dependent on imports for its energy needs and about 88 percent of the crude oil comes from abroad. A large quantity of this comes through the Strait of Hormuz, which is currently being affected due to tension.
Meanwhile, the government has said that there is sufficient stock of petrol and diesel in the country and all petrol pumps are working normally.
The government also informed that PNG connections are being expanded rapidly across the country and all refineries are operating at high capacity.
Panic buying was seen in some areas due to rumours, but the government has clarified that there is no shortage and people need not panic.
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