Nayara Hikes Petrol by Rs 5, Diesel by Rs 3 Amid Iran War & Soaring Oil Prices

• Nayara Energy, India’s largest private fuel retailer, increased petrol prices by Rs 5/litre and diesel by Rs 3/litre.
• The hike is attributed to the surge in global oil prices following the war in the Middle East, specifically after US-Israel strikes on Iran.
• Private retailers like Nayara receive no government compensation for holding back price increases, unlike state-owned firms.
• State-owned fuel retailers (IOC, BPCL, HPCL), controlling 90% of the market, continue to keep normal petrol and diesel rates frozen.
• International oil prices touched USD 119 per barrel earlier this month due to the Iran war, before settling around USD 100.