Narayana Energy Raises Petrol and Diesel Prices Amid Global Oil Surge India’s largest private fuel retailer, Narayana Energy, has increased petrol and diesel prices by Rs 5 per litre and Rs 3 per litre respectively, passing on part of the recent spike in global oil prices driven by tensions in the Middle East. The decision comes as international crude prices have surged nearly 50 per cent since February 28, when the United States and Israel launched military strikes against Iran, triggering retaliatory actions from Tehran. Retail fuel prices in India have remained frozen since April 2022, with state-owned oil marketing companies like Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) absorbing losses during periods of high crude prices and profiting when prices are low. However, private retailers such as Narayana Energy, which operates 6,967 of India’s 102,075 petrol pumps, have faced mounting financial pressure. Unlike state-owned firms, private companies receive no government compensation to offset losses from holding back price increases. Nayara Energy, majority-owned by Russia’s Rosneft, raised petrol prices by Rs 5 per litre and diesel by Rs 3 per litre, though the effective increase varies by state due to local taxes like VAT. In some regions, the rise in petrol prices reached as high as Rs 5.30 per litre. The company’s spokesperson did not comment on the price hike, but sources noted that private retailers have little choice but to raise prices to mitigate losses. In contrast, state-owned fuel retailers continue to keep prices unchanged, controlling about 90 per cent of the market.#indian_oil_corporation #bharat_petroleum_corporation #hindustan_petroleum_corporation #narayana_energy #rosneft
