Fuel prices across India saw fresh cuts on Wednesday, with private retailer Nayara Energy trimming petrol and diesel rates, oil marketing companies (OMCs) slashing aviation turbine fuel (ATF) prices, and commercial LPG cylinders becoming cheaper, as easing West Asia tensions pulled down global crude prices.
Nayara Cuts Petrol, Diesel Prices
Nayara Energy cut petrol prices by Rs 5 per litre and diesel by Rs 3 per litre across its nationwide network on Wednesday, marking the first reduction in retail fuel prices by any company in over two years.
The revised rates are effective across its more than 7,000 retail outlets nationwide, though prices will continue to vary by state due to differing local taxes. State-run OMCs — Indian Oil, Bharat Petroleum and Hindustan Petroleum — have not followed suit, leaving petrol and diesel prices unchanged.
In Delhi, IOC continues to sell petrol at Rs 102.12 per litre and diesel at Rs 95.20 per litre.
Petrol Prices On July 1 (per litre, IOC rates)
- Delhi: Rs 102.12
- Kolkata: Rs 113.51
- Mumbai: Rs 111.21
- Chennai: Rs 108.01
- Hyderabad: Rs 115.73
- Bengaluru: Rs 110.89
Diesel Prices On July 1 (per litre)
- Delhi: Rs 95.20
- Kolkata: Rs 99.82
- Mumbai: Rs 97.83
- Chennai: Rs 99.66
- Hyderabad: Rs 103.82
- Bengaluru: Rs 98.80
Nayara had raised petrol and diesel prices by Rs 5 and Rs 3 per litre respectively in March amid the West Asia conflict, while state-run retailers separately raised prices by a cumulative Rs 7.50 per litre in May.
According to PTI, the company has completed refinery maintenance and is now operating at full capacity at its 20 million tonne-per-year Vadinar refinery in Gujarat.
Jet Fuel Cut By Rs 5 A Litre
OMCs also reduced ATF prices by Rs 5 per litre on Wednesday, bringing jet fuel to Rs 110 per litre, according to Indian Oil Corporation data. It is the first cut since the Middle East conflict pushed jet fuel rates to a record high.
The cut came a day after the government revised export levies on petrol, diesel and ATF for the fortnight from July 1, fixing duties at Rs 4 per litre on petrol, Rs 8.5 per litre on diesel and Rs 7.5 per litre on ATF.
The government also exempted PSU OMC exports to Mauritius and the Maldives from these levies, expanding the exemption list beyond Nepal, Bhutan, Bangladesh and Sri Lanka to six countries.
Commercial LPG Cylinders Cheaper
OMCs also cut prices of 19-kg commercial LPG cylinders by around Rs 183.50, effective July 1, while rates of 14.2-kg domestic cooking gas cylinders remained unchanged.
The broad-based rate cuts follow a retreat in global crude oil prices as tensions in West Asia eased and shipping through the Strait of Hormuz gradually normalised.
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