Mumbai, Oct. 8 -- Nayara Energy has raised petrol prices by Rs. 5 per litre and diesel prices by Rs. 3 per litre across its nationwide network, effective Saturday. The private fuel retailer attributed the revision to sustained increases in international crude oil and fuel product prices, which have put pressure on retail margins.

The revised rates will apply at more than 7,000 Nayara Energy fuel stations. The company is seeking to narrow the gap between retail prices and procurement costs as global energy markets remain elevated. This is Nayara Energy's second price revision of the year.

In March, the company increased petrol and diesel prices by similar amounts after supply disruptions linked to tensions in West Asia. It later withdrew that increase in July after crude oil prices eased. The latest revision comes as state-owned fuel retailers continue to keep their retail rates largely stable despite movements in international crude markets.

State-owned retailers account for more than 90 per cent of India's more than 104,000 petrol pumps. Earlier this week, the government said private fuel retailers should not restrict petrol and diesel sales. The development follows reports of increased demand at some privately operated stations.

State-owned oil marketing companies, or OMCs, also raised commercial liquefied petroleum gas rates by Rs. 62.50 per 19-kg cylinder in October, while domestic LPG prices remained unchanged at Rs. 942. Aviation turbine fuel, or ATF, prices rose by Rs. 16 per litre to Rs. 137 per litre for domestic airlines from Rs. 121 per litre. ATF rates had already increased by Rs. 6.28 per litre, or 5.46 per cent, in September, following a Rs. 5 per litre rise in August.

Commercial LPG prices have risen by Rs. 1,373 per 19-kg cylinder between February and June, from Rs. 1,740.50 to Rs. 3,113.50. Rates subsequently fell in July and August after reductions of Rs. 192 and Rs. 183.50, respectively, while a Rs. 9.50 increase was recorded in September.

Published by HT Digital Content Services with permission from Construction World.