New Delhi: Private sector oil company Nayara Energy has announced a significant increase in fuel prices, impacting consumers across the country. The company has raised the price of petrol by Rs 5 per litre and diesel by Rs 3 per litre. The revised rates have come into effect immediately.

According to sources, the extent of the price hike may vary slightly across states depending on the Value Added Tax (VAT) imposed by respective state governments. In certain regions, petrol prices could rise by up to Rs 5.30 per litre.

Nayara Energy, backed by Russian oil major Rosneft, operates approximately 6,967 fuel retail outlets across India, contributing to the country's network of over one lakh petrol pumps.

The latest revision is attributed to rising international crude oil prices, which have exerted pressure on fuel retailers.

Meanwhile, other major private and public sector oil companies have not followed suit. Reliance Industries and Jio-bp have maintained current fuel prices. Similarly, state-run companies including Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum, which together command nearly 90 percent market share, have not revised prices of regular petrol and diesel.

However, premium petrol prices were recently increased by Rs 2.30 per litre, while industrial diesel saw a sharp hike of Rs 22 per litre.