Petrol, Diesel Prices Soar as Nayara Energy Hikes Rates

New Delhi: Amidst the worsening energy crisis in the country, Nayara Energy has increased fuel prices. Petrol has been raised by Rs 5.30 per litre, and diesel by Rs 3. The new rates have already come into effect.

There are concerns that other companies may follow suit and raise their prices. Nayara explains that the price hike is due to the increase in crude oil prices.

Nayara Energy is the country’s largest private retail fuel company, with petrol pumps in several locations, including Kerala. The ongoing energy crisis, exacerbated by the US-Israel attack on Iran and the subsequent retaliatory strikes, has intensified in India. The closure of the Strait of Hormuz, combined with the US and Iran targeting each other's energy centers, has disrupted global fuel supplies.

Many petrol stations are experiencing huge crowds due to concerns over fuel shortages. The LPG crisis is also worsening, leading to long queues at gas filling stations and depots.

Reports indicate that India has bought LPG from Iran for the first time with US approval, amid a severe crisis. A ship carrying LPG from Iran to China has reportedly altered its course towards Indian shores, according to market monitoring agency LSEG. Sources from the Ministry of Petroleum have confirmed this. The Modi government had stopped purchasing crude oil, LPG, and other products from Iran in 2019 due to US sanctions.

The ship, named ‘Arora,’ is expected to dock at Mangalore Port. The exact quantity of LPG on board has not been reported. The shipment will be equally distributed among three public-sector LPG distribution companies. The purchase is being made in Indian Rupees, although this has not been officially confirmed. This decision followed a phone conversation between Prime Minister Narendra Modi and US President Donald Trump on Tuesday. The trade has been approved with Trump’s consent.