Petrol, Diesel Price Cut: Following a significant decrease of Rs 183 in the cost of commercial cylinders, the public received further relief on Wednesday (July 1). Nayara Energy has lowered petrol prices by Rs 5 and diesel prices by Rs 3 per liter. Nayara, a fuel retailer, is supported by Russia’s Rosneft. With this price adjustment, petrol will now cost Rs 102.12 per liter in Delhi, Rs 111.21 in Mumbai, Rs 111.68 in Bengaluru, Rs 113.51 in Kolkata, and Rs 107.76 in Chennai. These new prices will take effect from Wednesday (July 1). This marks the first reduction in retail petrol and diesel prices by any company in two years.

Reasons for the Price Drop

The conclusion of the Iran conflict has alleviated tensions in the Middle East, allowing oil supplies to stabilize through the Strait of Hormuz. Additionally, the international oil price has fallen to $70 per barrel. Earlier on Wednesday, those affected by shortages and escalating prices received some relief when the cost of a 19-kilogram commercial LPG cylinder was cut by Rs 183. The new price for a 19-kilogram commercial gas cylinder is now Rs 2,930.

New petrol and diesel prices have come into effect at over 7,000 Nayara fuel stations across the country. It should be noted that actual petrol and diesel prices vary from state to state depending on local taxes, such as value-added tax (VAT).

Government companies have not lowered their prices

State-owned fuel companies have maintained their pricing. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) have all kept their prices steady. Collectively, these companies manage over 90 percent of India’s more than 100,000 fuel stations.

What is the current rate in Delhi?

The price of petrol at IOC outlets in Delhi is still Rs 102.12 per litre, while diesel is priced at Rs 95.20 per litre.

 

Naira was among the first retailers to increase fuel prices following a rise in international oil prices due to tensions in Iran.

Price hikes occurred in March

On March 26, petrol prices were raised by Rs 5 per litre and diesel by Rs 3 per litre. Following this, government fuel retailers also increased their prices. In the latter half of May, both petrol and diesel prices saw a total increase of Rs 7.50 per litre after several adjustments.