New Delhi, July 1 -- Nayara Energy has reduced petrol and diesel prices with effect from Wednesday, 1 July by Rs.5 and Rs.3 per litre, respectively.

With this price revision, India's largest private retailer is the first oil marketing company in the country to roll back price hikes following the recent easing of global crude oil prices after the signing of the memorandum of understanding (MoU) between Iran and the US on 17 June, and the subsequent opening of the Strait of Hormuz, a key channel for 20% of global oil and gas trade.

The price cut applies to all 7,000 fuel stations of the Rosneft-backed company. In Gurugram, petrol is now priced at Rs.102.76 per litre at Nayara pumps, while diesel is sold at Rs.95.58 a litre, according to p...