Sub-headline: Nayara cuts petrol by ₹5 and diesel by ₹3, but public OMC rates remain steady across major cities.
Highlights
- Nayara Energy reduced petrol and diesel prices.
- Public OMCs kept fuel rates unchanged.
- ATF and commercial LPG prices were cut.
- Brent crude softened below $72.
- Delhi petrol remains ₹102.12/litre.
Petrol and diesel prices across major Indian cities remained largely unchanged on Thursday, July 2, even after Nayara Energy announced a sharp reduction in its pump rates. Nayara, India’s largest private fuel retailer, cut petrol prices by ₹5 per litre and diesel prices by ₹3 per litre, becoming the first retailer in over two years to reduce fuel rates.
The revised prices will apply across nearly 7,000 Nayara fuel stations. However, public sector oil marketing companies have not made similar changes so far. As a result, fuel prices in cities such as Delhi, Mumbai, Kolkata, Chennai, Bengaluru and Hyderabad continue to remain at earlier levels.
In Delhi, petrol is priced at ₹102.12 per litre, while diesel costs ₹95.20 per litre. Mumbai consumers are paying ₹111.21 for petrol and ₹97.83 for diesel. In Kolkata, petrol stands at ₹113.51 and diesel at ₹99.82. Chennai has petrol at ₹107.77 and diesel at ₹99.55 per litre.
The move comes at a time when global crude oil prices have softened. Brent crude slipped below $72 a barrel after oil flows through the Strait of Hormuz resumed and tensions in West Asia eased. Lower crude prices have already led to cuts in aviation turbine fuel and commercial LPG rates.
Oil marketing companies reduced ATF prices by around ₹5 per litre, while the price of a 19-kg commercial LPG cylinder was cut by ₹183.50. The commercial LPG cylinder will now cost ₹2,930, compared to ₹3,113 earlier. The 5-kg Free Trade LPG cylinder rate was also reduced by ₹13 to ₹808.50.
For common consumers, the key question is whether public sector OMCs will also reduce petrol and diesel prices. For now, there is no change at their pumps. Nayara’s price cut may increase competition in the retail fuel market, especially in areas where its stations are present.
