AN comfort in tensions linked to the US-Iran run afoul has begun reflecting in India's fire securities industry, with prices of commercial message LPG, aviation turbine fuel (ATF), and Nayara Energy's petrol and diesel seeing significant reductions on Wednesday.The price cuts come after signs of progress in diplomatic engagement between the United States and Iran. American negotiators Jared Kushner and Steve Witkoff reportedly held positive discussions in Qatar, while a senior Trump administration official said technical talks with Iran were moving forward, Bloomberg reported.Also read | Commercial LPG, petrol, diesel, jet fuel: Big price cuts in India as war eases. Full listThe easing comes after months of volatility that had pushed up energy costs globally.Nayara cuts petrol and diesel pricesPrivate fuel retailer Nayara Energy has reduced petrol prices by ₹5 per litre and diesel prices by ₹3 per litre across its network of more than 7,000 fuel stations nationwide.The revised prices have taken effect from Wednesday, although the company said pump rates may differ from state to state because of local taxes and value-added tax (VAT).Also read | ₹5, diesel by ₹3">Nayara, India’s largest private fuel retailer, cuts petrol price by ₹5, diesel by ₹3Public sector oil marketing companies have not changed their retail petrol and diesel prices.Notably, Nayara had also been the first fuel retailer to increase prices during the peak of the US-Iran conflict in March.Nayara vs public sector retailers: Petrol and diesel prices in key cities (data for Nayara sourced from NDTV and for public retailers-Good returns)Nayara fuel prices for Delhi remained unclear at the time the story was published.West Asia crisis had pushed fuel prices higherSince February 28, oil markets have remained under pressure because of the West Asia conflict. Concerns over disruptions in the Strait of Hormuz, one of the world's most critical oil transit routes, drove crude prices higher and affected fuel costs across several countries, including India.As global oil prices climbed, domestic prices of commercial LPG, petrol, diesel and aviation turbine fuel also increased. With geopolitical tensions now showing signs of easing, those prices have started to retreat.Oil markets show signs of stabilisingThe easing in fuel prices follows reports that oil tanker movement through the Strait of Hormuz is beginning to recover after the signing of a 14-point memorandum of understanding between the US and Iran and the latest round of talks in Qatar.Crude oil prices have also softened in recent days. On Wednesday, Brent crude traded above $73 per barrel, while West Texas Intermediate hovered near $70 per barrel.Iran has also said it exported more than 40 million barrels of oil after the US lifted its naval blockade on Iranian ports, with Russian shipments reaching record levels.
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