Petrol, Diesel Prices Jump: Amid rising tensions in the Middle East, a startling piece of news has emerged. Nayara Energy, one of the country's leading private fuel retailers, announced a hike in petrol and diesel prices on Thursday. The company has raised petrol prices by ₹5.30 per liter and diesel prices by ₹3 per liter—a move expected to further intensify inflationary pressure on the common people.
Impact of Iran War: Petrol Rises by ₹5, Diesel by ₹3; Nayara Energy Hikes Prices
City-wise, the petrol prices are as follows: ₹107.46 per liter in Hyderabad, ₹105.41 in Kolkata, ₹103.54 in Mumbai, ₹102.92 in Bengaluru, ₹101.19 in Bhubaneswar, ₹100.80 in Chennai, ₹95.16 in Noida, and ₹95.57 per liter in Gurugram.
As for diesel prices, the fuel is currently retailing at ₹95.70 per liter in Hyderabad, ₹92.77 in Bhubaneswar, ₹92.39 in Chennai, ₹92.02 in Kolkata, ₹90.99 in Bengaluru, ₹90.03 in Mumbai, ₹88.31 in Noida, and ₹88.03 per liter in Gurugram.
Nayara Energy operates a network of over 6,500 petrol pumps (retail outlets) across the country. It is India's second-largest private-sector oil refining and retail network company.
Has the Threat of Inflation Intensified?
Amidst the conflict involving Iran, Nayara Energy has hiked the prices of petrol and diesel. This development comes at a time when state-run oil companies—ranging from Indian Oil Corporation (IOC) to Bharat Petroleum—have already raised the prices of premium petrol.
Concurrently, rates for industrial diesel have also been increased, fueling concerns that cost pressures on the industrial sector could intensify further. Following these price hikes, the price of petrol in Hyderabad reached ₹107.46 per liter on Thursday, while in cities like Mumbai and Kolkata, petrol is trading above the ₹100 mark. Due to the conflict involving Iran, the potential closure of the Strait of Hormuz has further deepened the energy crisis facing several nations, including India.
LPG Shortage as Well-
Amidst reports of fuel shortages, people across several cities in the country are being seen standing in long queues at petrol pumps. Meanwhile, commercial gas supplies have been curtailed due to a shortage of LPG; consequently, consumers in this sector are also facing difficulties, and long queues for gas are being observed.
Tehran—which had previously rejected a peace proposal from the United States—has granted permission to India, Pakistan, and three other nations to transit through the Strait of Hormuz. It is believed that this concession could offer India some relief in navigating the energy crisis and help partially stabilize its supply chain.
