Tezzbuzz Desk- The stir regarding fuel prices in India has once again intensified. The country’s leading private fuel company Nayara Energy has announced the increase in the prices of petrol and diesel on Thursday. The company has increased the price on petrol by Rs 5 per liter and diesel by Rs 3 per liter, which is sure to have a direct impact on consumers.
This decision of the company has come at a time when a sharp rise in the prices of crude oil is being seen in the international market. Oil prices have risen sharply in recent weeks due to global conditions, especially rising tensions in the Middle East. Since February 28, crude oil prices have increased by almost 50 percent, due to which the cost pressure on fuel companies has increased.
According to sources, Nayara Energy has decided to pass on part of the rising costs to customers. The company operates approximately 7 thousand petrol pumps in India, which is a significant part of the total network. However, other private players like Reliance Industries and BP’s joint venture Jio-bp have not made any changes in prices yet, while they are also facing losses.
State-owned oil companies—Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited—are still maintaining stable prices of petrol and diesel for common consumers. However, these companies have recently increased the rates of premium petrol and industrial diesel.
In the national capital Delhi, the price of premium petrol has reached Rs 101.89 per liter, while normal petrol remains stable at Rs 94.77 per liter. Whereas the price of diesel remains at Rs 87.67 per liter, although its rates have been increased significantly for bulk consumers.
A large part of India’s energy needs is dependent on imports. The country fulfills about 88 percent of its crude oil needs from abroad, a large part of which comes through the Strait of Hormuz. Recently, increasing military tensions between Iran and the United States and Israel have affected this supply, increasing uncertainty in the global market.
Experts believe that if the prices of crude oil remain high in the international market, then the prices of petrol and diesel in India may also increase further in the coming time. At present, changes in prices by private companies indicate that pressure on the fuel market is continuously increasing.
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