India, July 1 -- India's largest private fuel retailer, Nayara Energy, reportedly reduced petrol prices by Rs.5 per litre and diesel by Rs.3 across its nationwide network, in line with the lower global oil prices.

Nayara Energy was also the first to increase fuel prices at the peak of the US-Iran war. Follow US-Iran war live updates

This price cut by the retailer marks the first such reduction in retail fuel prices by any company in over two years, as tensions in West Asia ease.

The revised rates have taken effect at over 7,000 Nayara fuel stations across the nation, news agency PTI reported, citing industry sources.

Notably, actual pump prices may vary across states depending on local tariffs and duties, such as the value-added tax (...