Nayara Energy, India’s biggest private fuel retailer, on Thursday increased the price of petrol by Rs 5 a litre and diesel by Rs 3 per litre, partially passing on to consumers the recent spike in global oil prices as a result of the West Asia conflict.Ever since the US and Israel launched military strikes against Iran nearly a month ago, global oil prices have surged nearly 50 per cent. However, retail petrol and diesel prices have remained frozen in India, putting pressure on fuel marketing companies.Nayara Energy, which is majorly controlled by Russia’s Rosneft and operates 6,967 of India’s 102,075 petrol stations, has opted to pass on a portion of the increase in input prices to customers. However, the actual rate increase varies from state to state depending on local taxes, such as VAT. In certain locations, the price of petrol has increased by up to Rs 5.30 a litre.Last week, state-run Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) increased the price of premium or higher-grade petrol price by Rs 2 per litre and the rate of bulk diesel sold to industrial users by about Rs 22 a litre.However, state-owned fuel retailers, which control about 90 per cent of the market, continue to keep the prices of normal petrol and diesel on freeze. International oil prices reached $119 per barrel earlier this month before declining to about $100 per barrel due to the ongoing conflict. Dismissing rumours of shortage of petrol and diesel, BPCL and IOC have clarified that India has sufficient fuel reserves and supply chains are running normally.