Guwahati, July 1 -- Nayara Energy on Wednesday reduced petrol prices by Rs 5 per litre and diesel prices by Rs 3 per litre across its nationwide retail network, becoming the first fuel retailer in more than two years to lower pump prices as international crude oil prices eased following a de-escalation of tensions in West Asia.

The revised prices have come into effect at all of Nayara's more than 7,000 fuel stations across the country. Retail prices, however, continue to vary across states depending on local taxes such as value-added tax (VAT).

The price reduction comes after global crude oil prices retreated as tensions in West Asia eased and the reopening of a key maritime route restored the movement of crude oil and liquefied natural...