Nayara hikes petrol by ₹5, diesel by ₹3:Bhopal fuel prices jump as petrol reaches ₹120, diesel ₹103

Nayara Energy has raised petrol and diesel prices by ₹5 per litre and ₹3 per litre, respectively. The new prices came into effect from Saturday morning. Following the increase, petrol in Bhopal now costs ₹119.54 per litre, while diesel costs ₹103.64. The decision was taken to narrow the gap between retail prices and rising costs following a surge in crude oil prices in the international market. Prices were also raised at the beginning of the year, but later reduced At the beginning of this year, when the global energy supply was hit by the Iran conflict, the company had also raised petrol prices by ₹5 and diesel prices by ₹3 per litre on 26 March. However, after tensions in West Asia eased and international crude oil prices fell, the company cut petrol prices by ₹5 and diesel prices by ₹3 per litre on 1 July. Government companies did not raise prices So far, state-owned oil companies Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) have not changed their prices. Jio has also made no changes so far. State-run oil companies lose ₹530 crore daily amid rising crude prices: ICRA According to a report by rating agency ICRA, state-run oil companies are facing losses as retail fuel prices in India remained unchanged in September despite a rise in crude oil prices. ICRA estimates that state-owned companies such as Indian Oil, HPCL and BPCL are losing around ₹8 per litre on petrol and ₹9 per litre on diesel. According to ICRA, the companies are collectively losing around ₹530 crore every day across petrol, diesel and LPG. State-run companies had raised prices in May State-run oil companies had also raised fuel prices after private companies increased their rates. In May, IOC, BPCL and HPCL raised petrol and diesel prices by a total of ₹7.50 per litre each in multiple phases, citing higher international crude oil prices. More than 90% of the country’s over 1 lakh petrol pumps are controlled by these three state-run companies.