Petrol, Diesel Price Hike: Nayara Energy Raises Rates by Rs 5 and Rs 3

Nayara Energy has increased fuel prices across the country. The company hiked petrol rates by Rs 5 per litre and diesel by Rs 3 per litre. This brings another major price shock for the common man this October.

New Delhi (Oct 03): The common man is already facing the heat of price hikes on commercial LPG cylinders, electronics, and home appliances. People are getting another major shock right in the middle of the October festive season. Nayara Energy has announced a massive fuel price hike across the country. The company increased petrol prices by Rs 5 per litre and diesel by Rs 3 per litre. The rising prices in the international market are now directly hitting regular consumers.

Fuel rates go up from today

International crude oil prices forced Nayara Energy to increase petrol and diesel rates. The company implemented this fuel price hike at its petrol bunks from Saturday morning. Nayara currently operates 7,108 petrol bunks across the country.

Global events like the Western war, Houthi attacks in the Strait of Hormuz, and failed US-Iran talks caused a jump in international crude oil and refined petroleum product prices. This global price rise put heavy pressure on fuel retailers. Nayara Energy hiked its retail prices to manage this crisis and reduce the burden on its dealers.

Nayara gives another shock after March

Nayara Energy had previously hiked fuel rates when the war between Iran and Israel intensified. The company increased petrol by Rs 5 per litre and diesel by Rs 3 per litre on March 26. International crude oil prices dropped by July 1 after the situation improved. Nayara Energy then cut petrol prices by Rs 5 and diesel by Rs 3 to pass on the benefit.

Indian Oil and Bharat Petroleum Corporation have not increased their fuel rates yet. However, these public sector companies might take a big decision soon due to the worsening global situation. The Reliance Industries and BP joint venture has also not announced any price hike so far.