India's largest private fuel retailer, Nayara Energy, has raised petrol and diesel prices, even as state-owned oil marketing companies continue to hold retail rates steady.
The move comes against the backdrop of a sharp surge in global crude oil prices following the recent escalation in the West Asia conflict.
Nayara on Thursday increased petrol prices by ₹5 per litre and diesel by ₹3 per litre, news agency PTI reported citing sources.
The hike varies across states due to local taxes such as VAT, with petrol prices increasing by as much as ₹5.30 per litre in some regions.
Private fuel retailers, unlike their state-owned counterparts, have been under mounting financial pressure due to rising losses and lack of government compensation.
Nayara, which operates nearly 7,000 petrol pumps across the country, has opted to partially pass on the increased input costs to customers rather than absorb the entire burden.
State-owned companies, on the other hand, continue to keep retail petrol and diesel prices unchanged, absorbing losses during periods of high crude prices and recovering margins when global rates soften.
