Petrol-Diesel Rates Today (June 2): Private sector oil major Nayara Energy reduced petrol prices by ₹5 per litre and diesel prices by ₹3 per litre yesterday, July 1.

Following this decision by the company, the general public now hopes that state-owned oil marketing companies (OMCs) might also announce a reduction in retail fuel prices. It is worth noting that Nayara's new prices have already come into effect at its more than 7,000 pumps across the country.

When did Nayara raise prices?

Nayara had previously hiked petrol prices by ₹5 per litre and diesel prices by ₹3 per litre in March, when tensions in West Asia peaked amidst the conflict involving the US and Iran. Now, as the situation has largely normalized due to ongoing peace talks between the US and Iran in Doha—and with crude oil supplies resuming through the Strait of Hormuz—the company has rolled back the earlier price hikes.

State-run oil companies have not reduced prices.

In India, state-owned oil companies—Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL)—have not made any changes to fuel prices in the country today, July 2. Notably, these three companies own more than 90% of the petrol pump outlets across the country.

State-run oil companies in no rush

State-owned oil companies incurred significant losses (under-recoveries) as crude oil prices in global markets hit record highs amid escalating tensions in West Asia. According to a Moneycontrol report, industry experts say these companies are looking to recoup losses incurred over the past few months while closely monitoring global market volatility. The report notes that although crude oil prices have eased, uncertainties regarding the continuity of the ceasefire and the potential for renewed supply disruptions persist.