New Delhi, July 1: Naira Energy, the largest private fuel distributor in the country, announced on Wednesday a reduction of ₹5 per liter in petrol prices and ₹3 per liter in diesel prices. This price cut is effective immediately across the company’s retail network nationwide.
The decrease is attributed to a decline in crude oil prices due to easing tensions in the Middle East. However, retail fuel prices may vary from state to state due to value-added tax (VAT) and local taxes.
Recent peace talks between the U.S. and Iran have contributed to reduced tensions in the region, leading to a significant drop in crude oil prices. Over the past month, Brent crude has fallen by approximately 23%, currently trading at $73.21 per barrel.
Similarly, WTI crude prices have also seen a substantial decrease of about 25% in the past month, with futures now priced below $70 per barrel at $69.73.
Despite these changes, government oil companies have not adjusted petrol and diesel prices. In New Delhi, petrol remains priced at ₹102.12 per liter, while diesel is stable at ₹95.20 per liter.
Additionally, oil distribution companies have announced a reduction in commercial LPG cylinder prices starting July 1. In the national capital, the price of a 19 kg commercial LPG cylinder has decreased by ₹183.50 to ₹2,930, down from ₹3,113.50. However, the price of the 14 kg domestic LPG cylinder remains unchanged at ₹942.
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