Motorists have reason to watch their fuel bills. Nayara Energy, India’s largest private fuel retailer, has raised the price of petrol by Rs 5 a litre and diesel by Rs 3 a litre, with the revised rates taking effect from the early hours of Saturday across its network of 7,108 fuel stations.
In Bhopal, petrol is now retailing at Rs 119.54 a litre and diesel at Rs 102.64 a litre at Nayara outlets. The company has attributed the increase to rising international crude oil and refined-product prices, with crude holding above the $100-a-barrel mark. The revision, the company says, is meant to narrow the widening gap between domestic retail prices and higher procurement costs.
The relief, such as it is, lies in the fact that the hike is confined to Nayara for now. State-owned oil marketing companies — Indian Oil, Bharat Petroleum and Hindustan Petroleum — have not revised their prices, and Jio-bp outlets continue to sell at the old rates. The state-run companies operate more than 90 per cent of the country’s 1,04,137 petrol pumps.
This is the second time this year that Nayara has moved prices by this margin. On 26 March, following supply disruptions linked to tensions in West Asia, the company had raised petrol and diesel by similar amounts, taking rates to Rs 100.71 and Rs 91.31 a litre at the time. That increase was rolled back on 1 July after crude prices eased.
The broader fuel picture, however, is tightening. Rating agency ICRA has noted that state-run companies are losing roughly Rs 530 crore a day by holding retail prices steady despite costlier crude — raising the question of whether the public-sector retailers will follow Nayara’s lead in the coming days.
For consumers, the immediate impact is limited to Nayara’s outlets, but the development bears watching. Earlier this week, the government had also advised private fuel retailers against restricting the sale of petrol and diesel, signalling that it is keeping a close eye on the evolving price situation.
