Nayara Energy raises petrol price by Rs 5 and diesel by Rs 3 a litre at its pumps
Private fuel retailer Nayara Energy has raised petrol by Rs 5 and diesel by Rs 3 at all its pumps from Saturday, October 3, while state-run companies have not changed prices.
Nayara Energy, one of the country's largest private fuel supply companies, has raised petrol and diesel prices, adding another burden for consumers already struggling with inflation.
Under the company's decision, petrol has become Rs 5 dearer and diesel Rs 3 dearer at all its pumps across the country from Saturday, October 3. The new rates apply nationwide. Motorists are worried, and the increase is said to be likely to affect freight and other sectors as well.
This is not the first time. The company had made a similar increase in March. When crude oil became cheaper in July, that increase was withdrawn. Prices have now been raised again, so customers will face a considerable financial blow.
The main reason for the sudden increase is said to be turmoil in the international market. Prices of crude oil and refined petroleum products worldwide have gone above $100 a barrel. Geopolitical tension and disruption in energy supply are forcing companies to bear heavy production and import costs. The company has taken the decision to narrow the gap between these higher costs and international rates.
Notably, the state-run oil companies IOCL, BPCL and HPCL have so far made no change in their prices. As a result, a large gap has opened up between the rates at state-run and private pumps.
The impact will not fall only on those who drive their own vehicles. Costlier diesel will raise logistics and freight costs. There are therefore fears that the prices of vegetables and other essential goods could also be affected indirectly.
VAT and local taxes differ from state to state, so the final price may vary slightly.
