In an emailed response, a Nayara Energy spokesperson said: “The industry had not implemented a price hike at retail fuel stations since November 2021 (till last week). Since the beginning of the year, oil companies have been absorbing the impact of soaring international crude prices ($80 to $110+) resulting in a significant drop in margins.” The spokesperson said while the company continued its retail operations, it was exploring several options such as viable fuel pricing to arrive at a sustainable solution.
