Nayara Energy Hikes Petrol, Diesel Prices: Up to Rs 5.30/Litre Increase

• Nayara Energy, India's largest private fuel retailer, increased petrol prices by up to Rs 5.30 per liter and diesel by up to Rs 3 per liter.
• The hike is attributed to skyrocketing crude oil prices in the international market and the need for private companies to reduce losses.
• Tensions in the Middle East, including the closure of the 'Strait of Hormuz' and attacks on oil fields, are disrupting global oil supply.
• Unlike public sector undertakings, private retailers like Nayara Energy do not receive government subsidies, making price adjustments crucial for financial sustainability.
• Hyderabad records the highest petrol price among metro cities at Rs 107.46 per liter, and diesel at Rs 95.70 per liter among Tier-1 cities.