Petrol And Diesel Prices Hold Steady Across Major Cities Despite Nayara Energy’s Fuel Price Cut

Petrol and diesel prices continued without any revision by state-owned oil marketing companies on 2 July, even after Nayara Energy announced lower retail fuel prices at its outlets. The development comes as the crude oil price has eased in recent sessions, helping bring down aviation turbine fuel (ATF) and commercial LPG prices.

Nayara Energy reduced petrol prices by ₹5 per litre and diesel prices by ₹3 per litre across its network of around 7,000 fuel stations, making it the first private fuel retailer in more than two years to lower pump rates. The company announced the revision after international crude oil price retreated to levels seen before the recent geopolitical tensions in West Asia.

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Petrol And Diesel Prices On 2 July

ATF And Commercial LPG Become Cheaper

Oil marketing companies also revised prices of select petroleum products from 1 July. ATF prices were reduced by around ₹5 per litre, marking the first cut in nearly four months.

The price of a 19-kg commercial LPG cylinder was lowered by ₹183.50, bringing the retail price down to ₹2,930 from about ₹3,113. The 5-kg Free Trade LPG cylinder also became cheaper by ₹13, with the revised price fixed at ₹808.50.

These revisions followed a sustained decline in the international crude oil price, which has softened after concerns over supply disruptions eased.

Crude Oil Price Remains Under Pressure

According to Bloomberg, Brent crude price settled below $72 per barrel on Wednesday after declining about 3% over the previous two sessions. The latest weakness in the crude oil price coincided with uninterrupted shipments through the Strait of Hormuz and continued diplomatic engagement between the U.S. and Iran.

As per Bloomberg, U.S. President Donald Trump said discussions held in Qatar had progressed positively, although no specific agreement was announced. Reports also indicated that another round of talks could be scheduled after ceremonies in Iran conclude later this month.

The movement in the international crude oil price remains an important factor for domestic fuel pricing. While state-run retailers have kept petrol and diesel prices unchanged for now, recent revisions in ATF and commercial LPG rates indicate that softer global oil prices are beginning to reflect in parts of the domestic fuel market.