The country’s largest private fuel retailer company Nayara Energy has reduced petrol prices by ₹5 per liter and diesel by ₹3 per liter. Now in Bhopal, the price of petrol has come down to ₹119.79 per liter and diesel to ₹102.57 a liter. Relief due to cheaper crude oil in global market Crude oil prices in the international market have come down to $73 per barrel. Due to the America-Iran conflict, it had crossed $100 mark. Prices have decreased as tensions eased. New rates implemented at more than 7,000 petrol pumps Nayara Energy has more than 7,000 petrol pumps across the country. The new rates have been implemented at all the company’s locations. However, due to different local tax and value-added tax rates in different states, there may be slight differences in retail prices in each city. Government companies have not reduced prices On one hand, where private company Nayara Energy has reduced prices. On the other hand, government oil companies Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) have not made any changes in prices. Government companies had increased prices in May After the private company increased prices, government oil companies also raised prices. In May, IOC, BPCL and HPCL had increased prices of both petrol and diesel by an average of ₹7.50 per litre in installments, citing expensive international crude. These three government companies control more than 90% of the country’s over 1 lakh petrol pumps. Post navigation Sensex rises 500 points to 76,900 level:Nifty up 150 points; heavy buying in auto and media shares Silver prices fall ₹1.65 lakh/kg from all-time high:Gold becomes ₹36,000/10 gm cheaper from record peaks
