New Delhi, 01 July (H.S.): Nayara Energy, India's largest private-sector fuel retailer, on Tuesday announced a reduction in petrol and diesel prices, offering consumers a monsoon-season relief. The company has cut the price of petrol by up to Rs 5 per litre and diesel by up to Rs 3 per litre across its network of more than 7,000 fuel stations nationwide.

The revised prices have come into effect immediately. However, the actual reduction may vary from state to state due to differences in Value Added Tax (VAT) and other local levies.

The company is understood to have taken the decision following the recent decline in international crude oil prices.

Global crude oil prices have fallen close to the levels seen before the outbreak of the conflict in West Asia. During the peak of the regional tensions, crude oil prices had surged to nearly USD 120 per barrel. They have now declined to around USD 70 per barrel.

The fall in global crude prices had raised expectations of a reduction in domestic fuel prices. In line with those expectations, Nayara Energy has announced cuts in the retail prices of petrol and diesel.

However, state-owned Oil Marketing Companies (OMCs), including Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL), have not announced any changes in the retail prices of petrol and diesel so far.

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Hindusthan Samachar / Jun Sarkar