New Delhi: Private refiner Nayara Energy raised petrol prices by ₹5 a litre and diesel by ₹3 a litre on Thursday, becoming the first oil marketing company to revise auto fuel rates since the West Asia conflict began.
The petroleum ministry refuted claims of a six-day fuel stock shortage, asserting India has approximately two months of supply secured.
Panic buying broke out across several states for a second day on Thursday, with long queues reported at filling stations in Gujarat, Kashmir, Karnataka, Uttar Pradesh, and Goa.
Nayara, the country's largest private fuel retailer, operates approximately 7,000 petrol pumps and said its network continues to operate normally with no interruptions in service.
Benchmark Brent crude was trading at $106.98 a barrel on Thursday evening, up approximately 47% from $72.87 before the conflict began on February 28.
State-run Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) have frozen retail petrol and diesel prices since April 2022.
Private refiners are losing at least ₹25 per litre on petrol and diesel sales, with Nayara's move seen as an attempt to minimise losses by selling less without shutting outlets.
