India News : Petrol and diesel prices have been reduced in India, with petrol becoming cheaper by ₹5 per litre and diesel by ₹3 per litre. The price cut has been announced by Nayara Energy, which has emerged as India’s largest private fuel retailer. The revised prices came into effect from July 1, 2026.
This is the first time in more than two years that any fuel retailer in India has reduced retail fuel prices. The move comes as international crude oil prices have declined following easing tensions in the Middle East.
Fuel Cheaper at Over 7,000 Petrol Pumps
Nayara Energy, backed by Russia’s Rosneft, recently expanded its network to more than 7,000 fuel stations across India, becoming the country’s largest private fuel retailer. Customers at all Nayara outlets will now benefit from the ₹5 per litre reduction in petrol prices and ₹3 per litre reduction in diesel prices.
Industry sources said the revised rates have been implemented at all Nayara fuel stations from July 1. However, actual retail prices may vary from state to state depending on local taxes such as VAT.
Government Oil Companies Keep Prices Unchanged
While Nayara Energy has reduced fuel prices, state-owned oil marketing companies have not announced any changes. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) continue to maintain existing prices at their outlets.
In New Delhi, petrol continues to retail at ₹102.12 per litre, while diesel remains at ₹95.20 per litre at IOC outlets.
Reversal of Earlier Price Hike
The latest reduction effectively reverses the price hike announced by Nayara Energy on March 26, when the company had increased petrol prices by ₹5 per litre and diesel prices by ₹3 per litre due to rising global crude prices amid tensions involving the United States and Iran.
Following Nayara’s increase, government-owned fuel retailers had also raised petrol and diesel prices several times in May after keeping rates largely unchanged for nearly four years. The cumulative increase by public sector oil companies amounted to ₹7.50 per litre, citing higher procurement costs caused by the Middle East conflict.
Falling Crude Prices Behind the Cut
Nayara Energy operates a 20-million-tonne-per-year refinery at Vadinar, Gujarat. The latest price reduction comes after crude oil prices eased globally as geopolitical tensions in West Asia subsided and the strategically important Strait of Hormuz reopened. The resumption of crude oil and liquefied natural gas shipments through the route has eased supply concerns, contributing to lower international oil prices.
