Nayara Energy's petrol sales increased by 48 percent in January-March, exports decreased

Nayara Energy, the country's largest private sector fuel retail company, has registered a 48 percent increase in petrol sales in the first quarter of the calendar year 2024. During this period the company's exports have declined. During the quarter the company made efforts to meet local demand exclusively for fuel.

The company said it sold 70 percent of all petroleum products produced at its Vadinar oil refinery in Gujarat in the local market in the January-March quarter. The statement said Nayara Energy primarily focused on meeting the growing demand for petroleum products in the country.

The company said that driven by its message of 'in India, for India', it has registered a growth of 24 percent in domestic retail sales and 12.5 percent growth in institutional sales on an annual basis.

In the first quarter of this year, local petrol sales rose to 8.9 lakh tonnes from six lakh tonnes during the same period the previous year. The company's diesel sales during this time stayed steady at 17 lakh tonnes. Throughout the nation, Naira Energy operates over 6,500 petrol stations. Of all the companies in the private sector, this is the largest retail network.

Essar Oil used to be the name of Nayara Energy Limited. It works on distribution, retail, and oil refinery projects. On the other hand, things had become much worse financially by 2016. It cost $12.9 billion and was purchased by Rosneft, the biggest oil company in Russia. The stock market delisted Naira Energy shortly after that. Each share cost Rs 262.80 at that time.