Petrol price hiked by Rs 5.30, diesel by Rs 3; Nayara unexpectedly raises oil prices, hits Indians

NEW DELHI: Nayara Energy has increased the prices of petrol and diesel in the wake of the Middle East tensions. Petrol was increased by Rs 5.30 per liter and diesel by Rs 3. The price was increased citing the scarcity of crude oil. However, other oil companies in the country have not increased prices. It is not clear whether they will also increase prices by following the footsteps of Nayara.

Reports say Nayara Energy's oil refinery is being closed for 35 days. It will be closed in the first week of April as part of maintenance. With this, it is estimated that there will be a reduction of about eight percent in the country's crude oil refining capacity. It is reported that the Vadinar refinery in Gujarat, which has a refining capacity of 20 million tons per year, is being closed.

Oil is supplied from here to 7,000 Nayara pumps and public sector companies in the country. The maintenance was supposed to be done here last year. However, it was postponed due to the sanctions of European countries. The presence of some European companies is essential for the maintenance. But due to the sanctions, the companies refused to participate. However, the opportunity for maintenance came after countries including the United States lifted the sanctions on Russia. Maintenance is carried out every four years. Reports indicate that even if the refinery is closed for this purpose, there will be no fuel crisis, including for Nayara pumps. Sufficient petroleum products have already been stocked.

However, no official explanation has been received yet regarding the closure of the refinery for maintenance. Russian oil company Rosneft has a stake in Nayara Energy.