OMC Nayara Energy cuts petrol and diesel rates by Rs 3-5, first downward reduction in 2 years

Private sector oil marketing company (OMC) Nayara Energy on Wednesday reduced retail prices of petrol by Rs 5 per litre and diesel by Rs 3 per litre across its nationwide retail network. Thar marks the first retail petrol and diesel rate reduction by any fuel retailer in the country in more than two years. The fuel rate cut comes on the back of easing tensions in West Asia that have led to a slide in international crude oil prices.

The revised prices have come into effect immediately across Nayara Energy's network. The private OMC operates a network of more than 7,000 fuel pumps across the country.

According to the company, the rate cut follows the decline in global crude oil prices due to easing tensions in West Asia. The company also noted it is fully prepared to meet fuel demand across the country following the successful completion of its refinery turnaround.

March 2026 petrol and diesel price revision now stands reversed

The latest reduction effectively reverses the Rs 5 per litre increase in petrol prices and the Rs 3 per litre increase in diesel prices implemented by the company in March this year.

However, retail fuel prices will continue to vary across states due to differences in state-level Value Added Tax (VAT).

No change in rates at Indian Oil, Hindustan Petroleum, Bharat Petroleum outlets

Public sector fuel retailers Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) made no such announcement, keeping their retail petrol and diesel prices at existing levels.

The three PSU retailers together account for more than 90 per cent of the country's network of over one lakh fuel stations.

In the national capital, petrol and diesel continued to be sold at Rs 102.12 per litre and Rs 95.20 per litre at IOCL outlets, respectively.

Centre revises export duties from July 1

Separately, the Centre has revised export duties on petrol, diesel and aviation turbine fuel (ATF) with effect from July 1, while leaving excise duty on petrol and diesel sold in the domestic market unchanged.

Under the revised rates, the export duty on petrol has been increased to Rs 4 per litre from Rs 1.5 per litre, while the levy on diesel has been reduced to Rs 8.5 per litre from Rs 14 per litre and on ATF to Rs 7.5 per litre from Rs 12.5 per litre.

The export duties are reviewed by the government every fortnight based on international crude oil prices and petroleum product trends.

Easing tensions in Middle East

International crude oil benchmark Brent was last seen trading up 0.4 per cent at $73.3 per barrel.

Despite the intraday rise, the current levels mark a nearly 42 per cent discount to a four-year peak of around $126 a barrel earlier this year as tensions escalated between Iran and the US.

Late last month, Brent fell rapidly to sink to levels last seen before the onset of the US-Israel-Iran conflict on February 28, shedding more than $50 a barrel from the West Asia crisis-linked peak.