Petrol-Diesel Price Hike: Naira Increases Rates Amid Global Energy Price Pressure

Naira Energy, India's largest private fuel retailer, has increased petrol prices by Rs 5 per litre and diesel prices by Rs 3 per litre, effective immediately, sources familiar with the matter said.
The latest price revision comes amid renewed pressure on fuel retailers due to higher global energy prices. The move follows earlier price adjustments made by Naira Energy this year.
According to sources, the company, which operates 7,108 petrol pumps across the country, implemented the revised petrol and diesel prices from the early hours of Saturday.
An email sent to a Naira Energy spokesperson seeking comments on the latest price increase did not receive a response.
Earlier price revision this year
Naira Energy had earlier passed on the impact of rising international oil prices to consumers in March, when disruptions to energy supplies linked to the Iran conflict pushed global crude prices higher.
On March 26, the company had raised petrol prices by Rs 5 per litre and diesel prices by Rs 3 per litre. Public-sector fuel retailers subsequently began increasing pump prices in May.
Naira later withdrew its March price increase. As international crude oil prices eased following a reduction in tensions in West Asia, the company cut petrol and diesel prices by Rs 5 and Rs 3 per litre, respectively, on July 1.
The latest revision marks another change in fuel prices by the private-sector retailer amid renewed pressure from global energy markets.