Lucknow, July 1 -- As crude oil prices in the global market cool down, Nayara Energy on Wednesday slashed its petrol and diesel rates by Rs 5 and Rs.3 per litre, respectively, across its several retail outlets in the country.

Paras Mani Yadav, the owner of a Nayara petrol pump in Lucknow, confirmed the development. He explained that while the rates of government Oil Marketing Companies (OMCs) were already lower, Nayara--as a private sector company--had previously been charging Rs 5 more per litre for petrol and Rs 3 more per litre for diesel. However, with the latest corporate revision, those premiums have been eliminated.

"The rates of our government OMCs were already lower, but because we are in the private sector, our rates were Rs.5...