Nayara Energy Hikes Fuel Prices

Nayara Energy, India's largest private fuel retailer, increased petrol prices by ₹5 per litre and diesel by ₹3 per litre on March 26, 2026. This decision was made to offset rising input costs due to a nearly 50% surge in international oil prices since February 28, 2026. The price hike follows military strikes by the United States and Israel against Iran, which triggered retaliation from Iran and disrupted global energy markets, particularly affecting the Strait of Hormuz. Unlike state-owned retailers such as Indian Oil Corporation, Petroleum, and Hindustan Petroleum, Nayara Energy does not receive government compensation for holding back price increases. These state-owned companies, which control about 90% of the Indian market, have kept normal petrol and diesel prices frozen since April 2022, though they recently raised prices for premium petrol and bulk diesel. Other private players like Reliance Industries — Jio-bp have also refrained from raising prices despite incurring losses. India, importing 88% of its crude oil, is highly vulnerable to these global fluctuations.