New Delhi, Jul 1: India's largest private fuel retailer, Nayara Energy, on Wednesday reduced petrol prices by Rs 5 per litre and diesel prices by Rs 3 per litre across its nationwide retail network, which is the first cut in retail fuel prices since global crude oil prices began easing following the de-escalation of tensions in West Asia.

However, actual retail prices will vary across states depending on local taxes, including value-added tax (VAT).

The revised rates have come into effect at all of Nayara Energy's more than 7,000 fuel stations across the country.

Also read: Commercial LPG Prices Cut Nationwide, 19‑Kg Cylinder Drops to ₹3,114.50 in Bhubaneswar

The price reduction follows a decline in international crude oil prices after hostilities in West Asia eased and the reopening of key shipping routes restored the flow of crude oil and liquefied natural gas, easing concerns over global supply disruptions.

The fuel price cut comes at the beginning of the month, alongside several other changes, including a reduction in commercial LPG cylinder prices and a revision in the windfall tax on petroleum products.

State-run oil marketing companies (OMCs) reduced the price of 19-kg commercial LPG cylinders by up to Rs 183.5 across major cities, while the price of the 14.2-kg domestic LPG cylinder remains unchanged.

In addition, the Centre has revised the windfall tax on exports of petroleum products, raising the levy on petrol while reducing the duty on diesel and aviation turbine fuel (ATF).

The revised rates, which came into effect from July 1, increase the Special Additional Excise Duty (SAED) on petrol exports to Rs 4 per litre from Rs 1.5 per litre earlier, according to a Finance Ministry notification.

Similarly, the export duty on diesel has been reduced to Rs 8.5 per litre from Rs 14 per litre, while the levy on ATF exports has been cut to Rs 7.5 per litre from Rs 12.5 per litre.

There is no change in the existing excise duty on petrol and diesel supplied for domestic consumption, the ministry said.

(IANS)