Nayara Energy increases petrol prices by Rs 5 per litre, diesel rates hiked by Rs 3

New Delhi, Oct 3 (SocialNews.XYZ) Private fuel retailer Nayara Energy has increased petrol prices by Rs 5 per litre and diesel prices by Rs 3 per litre across its nationwide network as rising global crude oil and fuel product prices continue to pressure retail margins, effective from Saturday, according to industry sources.

The revised rates at Nayara’s more than 7,000 fuel stations mark the company's latest attempt to narrow the gap between retail fuel prices and higher procurement costs amid a sustained increase in international energy prices.

However, this is the second such revision by Nayara this year so far.

Earlier in March, the company had raised petrol and diesel prices by similar amounts following supply disruptions linked to tensions in West Asia, but rolled back the increase in July after crude prices eased.

The latest increase comes at a time when state-owned fuel retailers, which account for more than 90 per cent of India’s over 104,000 petrol pumps have largely maintained stable retail prices despite fluctuations in global crude markets.

Earlier this week, the government said private fuel retailers should not restrict sales of petrol and diesel.

Apart from that, state-owned oil marketing companies (OMCs) had hiked commercial LPG rates by Rs 62.50 per 19-kg cylinder effective from October.

However, prices of domestic LPG are kept unchanged at Rs 942.

In addition, aviation turbine fuel (ATF) prices were also increased by Rs 16 per litre. ATF prices for domestic airlines surged to Rs 137 per litre from Rs 121 per litre.

However, the latest hike follows an increase of Rs 6.28 per litre or 5.46 per cent in September and Rs 5 per litre in August.

Notably, commercial LPG prices were increased by Rs 62.50 per 19-kg cylinder following a Rs 9.50 increase in September after rates were cut by Rs 192 in August and Rs 183.50 in July.

Between February and June, rates rose by Rs 1,373 per 19-kg cylinder, from Rs 1,740.50 to Rs 3,113.50, before falling in July and August.

Source: IANS