The country’s leading private fuel retailer Nayara Energy has announced a major relief in the prices of petrol and diesel. The company has reduced the price of petrol by Rs 5 per liter and diesel by Rs 3 per liter. The new prices have been implemented with immediate effect at all the petrol pumps of the company.
After the cut, the price of petrol at Nayara Energy petrol pumps in Bhopal has become Rs 119.79 per liter and diesel Rs 102.57 per litre. However, due to different local tax and VAT rates in different states, there may be some difference in retail prices in different cities.
Effect of fall in crude oil prices
This cut in fuel prices has been made at a time when crude oil prices have softened in the international market. Currently, crude oil is trading at around $73 per barrel. Earlier, during the increased tension between America and Iran, the prices of crude oil had crossed $ 100 per barrel. Now after the geopolitical tension has subsided, oil has become cheaper in the international market, the effect of which is also visible on the fuel prices.
New rates applicable at more than 7,000 petrol pumps across the country
Naira Energy has more than 7,000 petrol pumps across the country and the company has implemented the new prices across all outlets. This will directly benefit those customers who fill their fuel from Naira petrol pumps.
Government oil companies did not change the prices
While on one hand Naira Energy has given relief in the prices of petrol and diesel, on the other hand, government oil marketing companies Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) have not made any change in the fuel prices at present. Experts believe that if the prices of crude oil in the international market remain controlled like this, then other oil companies can also review the prices of fuel in the coming time. At present, this decision of Naira Energy is being considered as a big relief for the private sector customers.