India, July 1 -- State-run oil companies on Wednesday reduced prices of aviation turbine fuel (ATF) and commercial liquefied petroleum gas (LPG), while private fuel retailer Nayara Energy rolled back its March increase in petrol and diesel prices, as international crude oil prices fell sharply following the easing of the West Asia conflict.

Nayara Energy cut petrol prices by Rs.5 per litre and diesel by Rs.3 per litre, effectively reversing the hikes introduced in March, industry executives said, requesting anonymity. The company operates around 7,000 fuel stations across the country, compared with more than one lakh retail outlets, over 90% of which are run by state-owned oil marketing companies (OMCs).

Although India's average crude o...