Amid the ongoing peace talks between Iran and the US, along with easing transport at the Strait of Hormuz, 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.

This marks the first cut in retail fuel prices since global crude oil prices began easing following the de-escalation of tensions in West Asia.