Nayara Energy Raises Fuel Prices to Mitigate Retail Losses
Nayara Energy raised gasoline prices by 5 rupees and gasoil by 3 rupees to cut retail losses. The private refiner faces pressure from high global crude prices.
Nayara Energy, a major private fuel refiner in India, has announced an increase in the pump prices for gasoline and gasoil at its retail stations. The company, which is backed by interests in Russia, is moving to mitigate significant revenue losses resulting from a combination of a weakening local currency and a surge in global oil prices.
According to reports from fuel dealers, the price of gasoline has been raised by 5 rupees per litre to 100.71 rupees. Gasoil prices were also adjusted upward by 3 rupees, reaching 91.31 rupees per litre. These price hikes come as refining cracks for both fuels have climbed to multi-year highs, creating a challenging environment for private retailers selling at rates below market parity.
