The Middle East conflict has finally reached at least one petrol pump brand. Nayara Energy, India's largest private fuel retailer, reportedly hiked petrol prices by ₹5.30 per litre and diesel by ₹3 per litre across the country. This seems to be the most visible sign yet that the Middle East conflict is starting to burn a hole in the pockets of ordinary Indians.
The price revision comes as global fuel supplies reel from a near-shutdown of the Strait of Hormuz, with the US and Iran having launched attacks on each other's energy infrastructure.
The resulting disruption to crude oil flows has earlier pushed prices sharply upward in international markets, and Nayara, which prices fuel at market rates unlike state-run companies, seems to have passed on the impact to the consumer.
This came a day after major oil retailers Indian Oil, BPCL, and HPCL told consumers not to panic and avoid rushing to petrol bunks.
Among the worst-hit major cities is Hyderabad, as per ground reports, where Nayara outlet petrol now costs ₹107.46 per litre. Mumbai and Kolkata have also crossed the ₹100-per-litre mark. In Delhi, prices have also moved up, though they remain slightly lower than in other metros due to lower local taxes.
Adding to the supply jitters, Nayara had separately announced a 35-day maintenance shutdown of its Vadinar refinery in Gujarat, set to begin in early April, which would temporarily take nearly 8 per cent of India’s refining capacity offline. The company has assured that its product reserves are sufficient to keep its nearly 7,000 retail outlets supplied during the downtime, and the Central government has categorically stated that there is "no shortage of fuel" and has urged citizens to avoid panic buying.
State-run oil companies such as Indian Oil, BPCL, and HPCL have not yet matched Nayara’s hike on regular petrol and diesel, though they had earlier raised premium-grade petrol prices by up to ₹2.35 per litre.