US-Iran War: Nayara Energy Hikes Fuel Prices By Up To Rs. 5 Per Litre

Fuel retailer Nayara energy has announced a hike in the prices of Petrol and Diesel sold at its pumps. With supply of fuel going down owing to the ongoing US-Iran war, the company has had to take this decision. While the price of Petrol has been increased by Rs. 5 per litre the cost of Diesel has gone up by Rs. 3 per litre. Nayara operates around 7,000 fuel pumps across the country.

The new price of Petrol in Maharashtra at Nayara pumps is Rs. 108.82 per litre as against the earlier price of Rs. 103.82 per litre. The price of Diesel has gone up from Rs. 90.09 per litre to Rs. 93.09 per litre. “The ongoing disruption in crude oil supplies has created unprecedented challenges in the industry, impacting several aspects of fuel distribution and availability,” said a statement released by Nayara Energy.

Also Read: Central Excise Duty On Petrol & Diesel Slashed By Rs 10 per litre

The price hike was followed by a cut in excise duty by the Centre. While the new central excise duty stands at Rs. 3 per litre there will be no duty levied on Diesel by the Government. This has allowed the oil marketing companies to not increase Petrol and Diesel prices for the time being. It remains to be seen if Nayara will rollback the price hike due to this reduction in excise duties.