Fuel prices have gone up across India after Nayara Energy, the country's largest private fuel retailer, increased petrol and diesel rates. Petrol has become costlier by up to Rs 5.30 per litre, while diesel prices have risen by Rs 3 per litre, with variations across states due to local taxes, reported Hindustan Times.

Price hike linked to global tensions

The increase comes amid ongoing energy concerns triggered by the Iran-US conflict. Disruptions in global supply, including the virtual shuttering of the Strait of Hormuz and attacks on energy infrastructure, have contributed to rising input costs.

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Nayara Energy, which operates 6,967 petrol pumps out of India's 1,02,075, has passed on part of this burden to consumers. Sources said the company raised petrol prices by Rs 5 per litre and diesel by Rs 3, though the final increase varies depending on state-level VAT and taxes.

Why private retailers raised prices

"Private fuel retailers in India receive no government compensation to offset losses from holding back price increases, unlike state-owned firms that are supported for acting as "good corporate citizens", HT quoted sources as saying, adding that mounting losses have left them with little choice but to raise retail prices.

City-wise fuel prices

Fuel prices in major cities reflect the hike, with some locations crossing the Rs 100 mark for petrol. Hyderabad is among the costliest, where petrol is priced at Rs 107.46 per litre and diesel at Rs 95.70 per litre. Kolkata follows with petrol at Rs 105.41 and diesel at Rs 92.02.

In Mumbai, petrol costs Rs 103.54 per litre while diesel stands at Rs 90.03. Bengaluru has petrol at Rs 102.92 and diesel at Rs 90.99. Bhubaneswar reports petrol at Rs 101.19 and diesel at Rs 92.77, while Chennai records petrol at Rs 100.80 and diesel at Rs 92.39.

In the National Capital Region, prices remain comparatively lower. Petrol in New Delhi is Rs 94.77 per litre and diesel Rs 87.67, while Noida sees petrol at Rs 95.16 and diesel at Rs 88.31. Gurgaon reports petrol at Rs 95.57 and diesel at Rs 88.03, and Chandigarh records petrol at Rs 94.30 and diesel at Rs 82.45.

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Despite government assurances that there is no fuel shortage, reports of panic buying have emerged from parts of Assam, including Guwahati. Long queues have also been seen at LPG distribution points as concerns over supply continue to circulate.