Nayara Energy, India’s largest private fuel retailer, has increased petrol prices by up to ₹5.30 per litre and diesel by around ₹3 per litre, citing rising input costs amid global energy supply disruptions linked to the ongoing Iran–US conflict.
The war, which has been continuing for nearly a month, has triggered instability in global oil markets, particularly due to disruptions around the strategic Strait of Hormuz, a key shipping route for global crude supplies.
Global Tensions Impact Fuel Costs
Energy markets have been under pressure as Iran and the United States have reportedly targeted energy infrastructure, leading to supply concerns and volatility in oil prices.
The virtual closure of the Strait of Hormuz has further strained global supply chains, prompting oil-importing countries like India to face rising procurement costs.
Industry sources said Nayara Energy decided to pass on part of the increased input costs to consumers, resulting in the latest price hike.
Private Retailers Face Rising Losses
Nayara Energy operates 6,967 petrol pumps across India, out of the country’s total 102,075 fuel stations. The company is majority-owned by Russian oil giant Rosneft.
According to sources, private fuel retailers do not receive government compensation when they absorb price increases. In contrast, state-owned oil companies are sometimes supported by the government when they hold back retail price hikes to stabilise markets.
As a result, mounting losses have forced private retailers to adjust pump prices in line with rising global costs.
Petrol Prices Cross ₹100 in Major Cities
Following the latest hike, petrol prices have crossed the ₹100-per-litre mark in several major Indian cities.
Petrol prices in key cities (₹ per litre):
| City | Price |
|---|---|
| Hyderabad | 107.46 |
| Kolkata | 105.41 |
| Mumbai | 103.54 |
| Bangalore | 102.92 |
| Bhubaneswar | 101.19 |
| Chennai | 100.80 |
| Gurgaon | 95.57 |
| Noida | 95.16 |
| New Delhi | 94.77 |
| Chandigarh | 94.30 |
Diesel Prices Also Rise
Diesel prices have also increased across the country, with Hyderabad reporting the highest rate among major cities.
Diesel prices in key cities (₹ per litre):
| City | Price |
|---|---|
| Hyderabad | 95.70 |
| Bhubaneswar | 92.77 |
| Chennai | 92.39 |
| Kolkata | 92.02 |
| Bangalore | 90.99 |
| Mumbai | 90.03 |
| Noida | 88.31 |
| Gurgaon | 88.03 |
| New Delhi | 87.67 |
| Chandigarh | 82.45 |
Panic Buying Reported in Some Areas
Amid rising prices and concerns over fuel availability, panic buying has been reported in several parts of Assam, including Guwahati, where long queues formed outside petrol pumps after rumours of shortages spread on social media.
However, the central government has reassured citizens that India is not facing any fuel shortage and that adequate supplies are available across the country.
Impact of Global Conflict
Experts warn that continued geopolitical tensions in the Middle East could keep global oil prices volatile in the coming weeks. For India, which imports the majority of its crude oil, such disruptions can quickly translate into higher fuel costs and economic pressure.
For now, authorities are closely monitoring the situation while urging citizens not to indulge in panic buying.
