Petrol Price In Mumbai Today

Petrol price in Mumbai today is determined by state-controlled oil marketing firms who revise petrol prices based the daily ‘Dynamic Fuel Pricing’ mechanism. Here, you can check the current petrol price in Mumbai, find today's petrol price and the quarterly price trend in Mumbai. New petrol prices in Mumbai are updated by oil firms daily at 6:00 am IST.

You can also find out how petrol prices in Mumbai are calculated and how are prices compared to other metros cities. Also, you can find the current Mumbai petrol price and primary factors affecting petrol prices in India as well as the highest and lowest price recorded in Mumbai during a month.

More
  • Today's Petrol Price ( 18 Apr 2019 )
    ₹ 78.55
    Current Petrol Price Per Litre
    Compare Petrol Price in Mumbai (Today & Yesterday)
    Today
    (18 Apr 2019)
    Yesterday
    (17 Apr 2019)
    Rate Change
    Petrol ( / litre) ₹ 78.55 ₹ 78.55 ₹ 0 ↑
    Petrol Price in Mumbai - Last 10 Days Data
    Date Petrol ( / litre)
    18 Apr 2019 ₹ 78.55
    17 Apr 2019 ₹ 78.55
    16 Apr 2019 ₹ 78.55
    15 Apr 2019 ₹ 78.6
    14 Apr 2019 ₹ 78.48
    13 Apr 2019 ₹ 78.48
    12 Apr 2019 ₹ 78.48
    11 Apr 2019 ₹ 78.42
    10 Apr 2019 ₹ 78.42
    09 Apr 2019 ₹ 78.42

    Petrol Rate Trend

    • 7 Days
    • 30 Days
    • 3 Months
    • 6 Months

    Petrol Price in Mumbai

    Mumbai is the capital city of Maharashtra. It is also the business and commercial capital of India. The city has a huge demand for petrol with the highest number of working individuals. If you notice the recent petrol rates in the city, they have fallen to their highest since 4th October 2017. This can be accredited to the latest cut in the central excise duty by Rs.2 on petrol and diesel.

    On 3rd October 2017, petrol price in Mumbai was down to Rs.79.92 a litre. It fell further by Rs.2.43 a litre on the next day. As on the latest date, i.e., 8th October 2017, petrol rate was up by Rs.0.04 and priced at Rs.77.52. The highest rates recorded in September, August, July, June, and May were Rs.79.77, Rs.78.28, Rs.75.04, Rs.78.49, and Rs.77.62 respectively.

    Similarly, the lowest rates recorded in September, August, July, June, and May were Rs.78.38, Rs.74.56, Rs.73.23, Rs.74.56, and Rs.74.89 respectively. Petrol prices in Mumbai have raised by 1.74% in September, by 4.75% in August, and by 0.38% in July. They have decreased by 5.27% in June and by 3.65% in May.

    How are Petrol Prices in Mumbai Updated?

    India joins the United States of America (USA) and Australia with the introduction of the daily fuel price revision on 16th June 2017. Every petrol station owned by the country’s premier oil corporations such as Indian Oil, Shell Oil, Hindustan Petroleum, and Bharat Petroleum in Mumbai will update diesel and petrol rates at 06:00 a.m. every day.

    The daily revision, which is also called as dynamic fuel pricing, replaces the earlier fortnightly-based fuel price revision. As per the new system, fuels are priced in consideration with overseas crude oil rates and the exchange ratio between the USD, the base currency and the INR, the local currency. Consumers will now remit market-determined prices irrespective of ups or downs.

    Fuel consumers in Mumbai can track the recent updates on petrol through an SMS service or a customer care service offered by state-owned oil entities including Bharat Petroleum (BP), Hindustan Petroleum (HP), Indian Oil, and Shell Oil. They can also check online by visiting the website of any of these oil companies.

    Quarterly Petrol Price Trend in Mumbai Between October and December 2018

    October November December
    Opening date price Rs.91.15 a litre Rs.84.92 a litre Rs.78.17 a litre
    Closing date price Rs.85.09 a litre Rs.78.52 a litre Rs.74.44 a litre
    Highest price Rs.91.39 a litre booked on the 4 October 2018 Rs.84.92 a litre booked on the 1 November 2018 Rs.78.17 a litre booked on the 1 December 2018
    Lowest Price Rs.85.09 a litre booked on the 30 and 31 October 2018 Rs.78.52 a litre booked on the 30 November 2018 Rs.74.44 a litre booked on the 31 December 2018
    Trend Downward Downward Downward
    % Change -6.65% -7.54% -4.78%

    Petrol Price Trend in Mumbai between October and December 2018

    • In Mumbai and other cities in the country, petrol prices are revised daily under the Dynamic Fuel Pricing mechanism by State-run Oil Marketing Companies (OMCs).
    • Under this method, the petrol price in Mumbai on 1 October 2018 stood at Rs.91.15 per litre with the global crude oil priced trading around $80 per barrel.
    • Prices inclined to touch Rs.91.39 per litre on 4 October – the highest rate recording during this month in Mumbai.
    • The Central government announced a cut in the excise duty of Rs.1.50 per litre while it asked oil companies to further subsidise Rs.1 per litre to ease consumer owes.
    • By the end of the month, petrol prices in Kolkata fell by 6.65% mainly due to the excise duty cut which helped fuel prices to drop.
    • On 1 November, petrol was being sold at Rs.84.92 per litre, registering its highest price for the month.
    • Apart from the excise duty cut, some states such as Maharashtra announced cut in VAT on fuel sale, which offered some respite to consumers.
    • Prices declined over the course of the month in tandem with the drop in the global crude oil price and the marginal appreciation of the Indian currency over the US dollar.
    • By the end of the month, petrol prices in Mumbai was down by 7.54% mainly influenced by the significant drop in crude oil price and the fall in dollar rate.
    • Petrol was priced at Rs.78.17 per litre on 1 December, also, the highest petrol price in Mumbai for the month.
    • The international crude oil price dropped to trade at $56 per barrel down from four-year record high of $80 early October prompting oil companies to pass on the reduction to consumers.
    • On 31 December, petrol recorded its lowest price of Rs.74.44 per litre in Mumbai amid a significant drop in crude oil price and the appreciation of the rupee over the US dollar.
    • Overall, the petrol price trend in Mumbai in December fell by 4.78% attributed to the decline in oil prices and the decline in dollar value.

    Petrol Price Trend in Mumbai between July and September 2018

    July August September
    Opening date price Rs.82.94 a litre Rs.83.91 a litre Rs.86.06 a litre
    Closing date price Rs.83.79 a litre Rs.85.98 a litre Rs.90.84 a litre
    Highest price Rs.84.26 a litre observed on the 16th Rs.85.98 a litre observed on the 31st Rs.90.84 a litre observed on the 31st
    Lowest price Rs.82.94 a litre observed on the 1st Rs.83.91 a litre observed on the 1st Rs.86.06 a litre observed on the 1st
    Trend Upward Upward Upward
    %Change +1.02% +2.46% +5.55%

    Trend in Petrol Price in Mumbai in July 2018

    • Petrol is expensive in Mumbai compared to Kolkata, Chennai and Delhi since the VAT charged on petrol in Maharashtra is the highest. The government reserves the right to revise its taxes on diesel and petrol.
    • In July 2018, both the sales tax and the central tax were not revised. It means petrol rates in Mumbai were revised on the basis of international factors: crude oil costs and the exchange ratio.
    • The benefit of even the smallest downfall in oil prices is transmitted to fuel buyers as per dynamic fuel pricing.
    • Fuel pricing was not influenced by oil rates in the first 15 days of the month.
    • On the 16th, the highest rate was registered at Rs.84.26 a litre. The price declined to Rs.84.10 a litre on the 20th and Rs.83.78 a litre on the 23rd.
    • It increased by 2 paise per litre on the 30th and 6 paise per litre on the 31st. The growth rate is just above 1% not only in the city of Mumbai but also in the state capitals.

    Petrol Rate Trend in Mumbai in August 2018

    • Petrol price per litre in Mumbai climbed to Rs.84.54 on 7 August because of a rise in oil rates at a global level.
    • Petrol was marketed at an average price of Rs.84.54 in the second week. Oil marketing companies retained the price of Rs.84.66 on the 16th, 17th, 18th and 19th.
    • India takes into account the rate of Indian Crude Basket as a benchmark to make changes in the rates of diesel and petrol.
    • While the petroleum rate decreased to $72.53 per barrel, the USD appreciated significantly against the currencies of the major economies of the world, including India, in August 2018.
    • Thus, fuel prices in Mumbai increased by 2.46% even though they were steady in the second, third and fourth weeks.
    • Just like the previous month, the revision of petrol rate in Mumbai was neither influenced by the political intervention nor by the variations in the domestic elements such as the central tax, the state tax, the profit ratio of OMCs, refining costs, etc.
    • Between July and August, the fuel selling corporations such as BPCL, IOCL and HPCL soared the fuel price by over Rs.3 per litre in the financial capital.

    Petrol Price Trend in Mumbai in September 2018

    • The opening date price accelerated by 8 paise per litre and the price of petrol was anticipated to increase continually and reach the Rs.90 mark.
    • The government was not willing to lessen the burden on commoners since it wanted more funds to counterbalance the GST collections.
    • Even though the Bharat Bandh was observed on 10 September, petrol prices in Mumbai were on the rise.
    • Between 10 September and 20 September, the price accelerated by Rs.1.48 per litre and between 20 September and 30 September, it was up by Rs.1.24 per litre because of a steady increase in crude oil prices.
    • The closing date price stood at Rs.90.84 a litre under the daily fuel revision mechanism. It was also the highest rate for the quarter.

    Note: The Centre could have lessened diesel and petrol prices in Mumbai by cutting the excise duty. It has not cut the excise duty since it wanted to keep its revenues unaffected. Moreover, the GST collections are not meeting the target. The country is also facing financial deficit.

    Quarterly Petrol Price Trend in Mumbai Between April and June 2018

    April May June
    Opening date price Rs.81.59 per litre Rs.82.48 per litre Rs.86.14 per litre
    Closing date price Rs.82.48 per litre Rs.86.20 per litre Rs.82.99 per litre
    Highest price Rs.82.52 per litre recorded on 24th Rs.86.28 per litre recorded on 29th Rs.86.14 per litre recorded on 1st
    Lowest price Rs.81.59 per litre recorded on 1st Rs.82.48 per litre recorded from 1st to 11th Rs.82.99 per litre recorded from 27th to 30th
    Trend Upward Upward Downward
    %Change +1.10% +4.51% -3.65%
    Petrol Price Trend in Mumbai

    Petrol Price Trend in Mumbai in April 2018

    • Petrol price in Mumbai on 1st April 2018 stood at Rs.81.59 per litre. This price is also the lowest cost of petrol recorded for the month.
    • During the first week, petrol prices in Mumbai moved upwards gradually by as much as 29 paise by the 9th of the month.
    • The Brent Crude and WTI Crude prices inclined during the second week which led to a marginal rise of the commodity.
    • The highest petrol price in April in Mumbai stood at Rs.82.52 per litre on the 24th in tandem with the rise of the global crude oil rates.
    • Domestic factors such as taxes by the Centre and the state did not impact the rise in petrol prices in Mumbai as they were left untouched.
    • The trend in petrol prices in April in the city reflected an upward trajectory of 1.10% mainly influenced by the increase in the global crude oil prices.

    Petrol Price Trend in Mumbai in May 2018

    • On 1st May 2018, petrol price in Mumbai stood at Rs.82.48 per litre unchanged from the previous day’s rate.
    • State-run fuel companies didn’t revise the petrol price in Mumbai as well as other in other cities of the country due to the 2018 Karnataka Assembly Election.
    • Post elections oil companies reverted to the daily pricing method under the ‘Dynamic Fuel Pricing’ mechanism.
    • Petrol prices in Mumbai during the third week rose marginally in tandem with the global crude oil prices.
    • On 21st petrol price was raised by Rs.1.96 per litre compared to the 1st of the month. The sharp rise in fuel prices is attributed to the jump in prices of the crude oil in the international market.
    • Prices continued to move upwards in the fourth week to touch an all-time high of Rs.86.28 per litre in Mumbai. The sudden and sharp incline in prices was in the backdrop of the crude oil prices touching $80 a barrel.
    • For the month, petrol prices were in a 4.51% upward trend in Mumbai largely due to the sharp rise in global crude oil rates.

    Petrol Price Trend in Mumbai in June 2018

    • The petrol price in Mumbai on 1st June 2018 declined marginally compared to the preceding day. Oil companies sold petrol in Mumbai at Rs.86.14 per litre on the first day of the month.
    • Over the course of the week, petrol prices in Mumbai declined by nearly Rs.1.30 per litre when the fuel was sold at Rs.84.84 on the 9th of the month.
    • The fall in petrol prices is attributed to the lower crude oil prices as the Organisation of Petroleum Exporting Countries along with their key ally Russia to increase the production of the crude oil marginally.
    • The lowest petrol price in June 2018 in Mumbai stood at Rs.82.99 per litre which remained similar from 27th to the 30th.
    • The highest petrol price in the month in Mumbai stood at Rs.86.14 a litre on the 1st of the month.
    • Overall, petrol prices in Mumbai in June 2018 showed a downward trend at 3.65% mainly due to the fall in crude oil rates.

    How are Petrol Prices in Mumbai Assessed?

    The final price, which is paid by consumers for petrol, is called as the retail selling price (RSP) of the commodity. How is the RSP computed? The calculation of the RSP is simple. We add the cost of crude oil including freight charges, the refinery transfer price (RTP), the commission charged by dealers, the VAT levied by the state government, and the central government’s excise duty to arrive at the retail selling price of petrol in Mumbai.

    The cost of crude oil is the cost incurred by oil marketing companies (OMCs). Oil is always traded in terms of the USD. Currently, a barrel of crude oil, which is equal to 159 litres, costs $50. The cost of a litre of oil is added in the price breakup of petrol. OMCs also incur the refinery cost. The commission charged by dealers may change within the city.

    The state VAT and the excise duty are the two tax components in the price structure of petrol. Both are subject to vary. Currently, petrol is taxed at 47.64% by the government of Maharashtra. The excise duty currently is Rs.19.48 per litre. The dealer’s commission is Rs.2.58 per litre in Mumbai.

    Quarterly Petrol Price Trend In Mumbai between January 2018 and March 2018

    January February March
    Opening date price Rs.77.87 per litre Rs.80.91 per litre Rs.79.45 per litre
    Closing date price Rs.80.79 per litre Rs.79.39 per litre Rs.81.41 per litre
    Highest rate Rs.80.79 per litre booked on 30 January Rs.81.24 per litre booked on 6 February Rs.81.41 per litre booked on 31 March
    Lowest rate Rs.77.87 per litre booked on 01 January Rs.79.38 per litre booked on 25 February Rs.79.45 per litre booked on 01 March
    Trend Upward Downward Upward
    % Change 3.61% up 1.91% down 2.41% up
    Petrol Price Trend in Mumbai

    Trend in PetrolPrice in Mumbai in January 2018

    • Petrol prices opened at Rs.77.87 per litre in Mumbai on 1 January 2018. This is also the lowest petrol price for the month of January.
    • By the 11th of the month, petrol prices had surged to Rs.78.55 as the value of the USD increased by 0.09% from Rs.63.644 to Rs.63.704.
    • From 11 January to the end of the month, petrol prices gradually increased. This was mainly due to the decrease in the value of the U.S dollar and there was also an extensive hike in crude oil costs, which accelerated to $63.80 a barrel on 11th of the month and continued to increase.
    • On 22 January, petrol prices continued to move upward and stood at Rs.80.1 though crude oil price slightly fell and stood at $63.57 a barrel as USD prices were fluctuating.
    • Overall, the trend of petrol prices in Mumbai for the month of January was an upward curve.
    • Petrol prices closed at Rs.80.79 per litre on 31 January 2018. The recorded change in petrol prices for the entire month was 3.61%.

    Trend in Petrol Rate in Mumbai in February 2018

    • A slight increase in petrol prices was noted on 1 February 2018 compared to the previous day. The petrol rate per litre in Mumbai was Rs.80.91.
    • The highest petrol price was recorded on 6 February when it was booked at Rs.81.24 per litre.
    • In the next few days, petrol prices fell gradually and traded at Rs.81.21, Rs.81.08, Rs.79.94, and Rs.79.49 on 9,11,18, and 23, respectively.
    • The lowest petrol rate was recorded on 25 February when petrol was booked at Rs.79.38 per litre though on this day the value of USD remained unchanged.
    • On 27 and 28 of the month, though the value of the USD increased by 0.23% and 0.45% respectively, a fall in petrol prices was not noted. Petrol was booked at Rs.79.39 per litre on both these dates.
    • Overall, for the month of February, the price range for petrol declined by 1.91%.

    Trend in Petrol Prices in Mumbai in March 2018

    • Petrol was sold at Rs.79.45 per litre on o1 March 2018. This was also the lowest petrol price recorded for the month.
    • The petrol prices saw an upward curve in the first week of March and traded at Rs.79.63, Rs.79.87, Rs. 80.19, Rs.80.26 on 2,3,5, and 7, respectively. This was mainly because the value of USD decreased by 0.04%, 0.29%, 0.19%, and 0.04%, on 2,5,6, and 7 of the month.
    • Petrol prices stood at Rs.80.32 on 15 March and touched Rs.80.77 on 27 March.
    • The month ended with petrol trading at Rs.81.41 per litre. This was also the highest recorded petrol rate for the month in Mumbai.
    • The overall trend in petrol prices in Mumbai was an upward curve for the month of March. The price range for petrol for the month of March increased by 2.41%.

    Factors Influencing Petrol Rates in Mumbai

    The factors that influence petrol prices are many in number. Let’s consider the most important influencers, which include the buying cost of unrefined oil, global political events, the demand and supply pattern, fluctuations in seasons and the currency conversion rate, the tax charged by the state, the tax charged by the central, and developments in oil-producing nations.

    Also Check: Petrol Price in Delhi

    In general, the Selling Price Petrol will go up when:

    • The purchasing price of raw oil gains.
    • The Indian currency falls against the base currency.
    • The central and state governments hike the tax levied on petrol.

    Similarly, Petrol Rate will come down when:

    • The purchasing price of raw oil diminishes.
    • The Indian currency gains against the USD (the base currency).
    • The central and state governments dampen the tax levied on petrol.

    The purchasing cost of unrefined oil is impacted by seasonal conditions, the refinery capabilities, overseas political moves, the demand for petrol by leading economies, overseas supplies and reserves, and weather conditions.

    GST vs. Petrol Prices in Mumbai

    Goods and Services Tax (GST) is a multi-phase, location-based, all-inclusive tax that shall be imposed on each value addition. It is a complete indirect tax platform that was introduced in July 2017. GST has been imposed on all goods and services except petroleum products.

    Also Know: Diesel Price In Mumbai

    The Oil Minister has recently tweeted that the inclusion of petroleum derivatives is the only recipe for balanced fuel rates. If GST is imposed on petroleum products, fuel prices will be cheaper. If GST is to be levied on petrol, all the tax components in the current price structure should be compensated by the GST rate.

    The entire oil and natural gas industry does not fall under the scope of the present GST system. The implementation of GST in the industry will result in double compliance expenses as all the industry stakeholders have to adhere to the current tax structure and the GST tax slab as well. Since petrol is not taxed under the GST framework, petrol prices in Mumbai remain unaffected.

    Diesel Cost vs. Petrol Costs in Mumbai

    The current price of diesel, which is as on 10th October 2017, is Rs.60.51 per litre while the current rate of petrol is Rs.77.54. Before reducing the excise duty, the cost of petrol in Mumbai was Rs.79.92 whereas the cost of diesel was Rs.62.76. The net difference between the cost of diesel and petrol has fallen to Rs.17.03 from Rs.17.16 after reducing the excise duty.

    Petrol Prices in Mumbai and other Prime Cities

    As on the latest date, a litre of petrol costs Rs.70.89 while a litre of diesel Rs.59.97 in Chennai. The current rate of diesel in New Delhi is Rs.56.97 whereas the cost of petrol is Rs.68.42. In Kolkata, petrol is priced at Rs.71.19 while diesel is priced at Rs.59.62. A litre of petrol in Bangalore costs Rs.69.48 while a litre of diesel Rs.57.04. Needless to say, fuel prices in Mumbai are comparatively more.

    Also Check Petrol Price in NearBy Cities of Mumbai

    *Disclaimer: BankBazaar makes no guarantee or warranty on the accuracy of the data provided on this page, the prevailing prices are susceptible to change and provided on an as-is basis. We accept no liability for any loss arising from the use of the data contained on this website.

    Apply For A Fuel Credit Card – Reduce Your Petrol Expenses

    News about Petrol Price In Mumbai

    • Diesel Prices Hiked Across the Major Cities of the Country

      On Sunday, Oil Marketing Companies (OMCs) increased the rates of diesel by Rs.0.07 after the prices were kept unchanged in the country on Saturday. The increase in the rates saw every litre of diesel being retailed for Rs.66.26 in New Delhi. The rates were increased by Rs.0.07 in the national capital. In Kolkata and Chennai, OMCs charged Rs.68 and Rs.69.96 for one litre of diesel after the prices were increased by Rs.0.07. In the commercial capital of the country, the rates were hiked by Rs.0.08 and every litre of diesel was sold for Rs.69.35.

      In the international oil market, per barrel of Brent crude oil was priced $71.5. The rates of diesel in the country depend on the 15-day average of global crude prices and the rupee-dollar exchange rate. It needs to be mentioned here that while the rates of fuel in the country have increased off late, it has been largely subdued in proportion to the recent surge in the global oil prices. Experts believe that the reason for it is the ongoing general elections as the government fear that there would be a public backlash if the rates are increased further.

      16 April 2019

    • Petrol Prices Cut by 5 Paise Per Litre Today

      State-run Oil Marketing Companies (OMCs) cut petrol prices by 5 paise per litre while diesel prices were kept unchanged across major metro cities of the country. After the change, in Delhi, petrol is being sold at Rs.72.80 per litre, down by 5 paise per litre, while diesel costs Rs.66.11 per litre. In the financial capital of Mumbai, petrol costs Rs.78.37 per litre and diesel is available at Rs.69.19 a litre. Similarly, in Kolkata and Chennai, petrol costs Rs.74.82 per litre and Rs.75.56 per litre and diesel costs Rs.67.85 per litre and Rs.69.80 a litre, respectively. Prices of petrol and diesel are much lower in Delhi compared to other metro cities due to lower taxes. New prices are effective from 6:00 am IST and may vary between cities and fuel stations due to local sales tax and logistics.

      Fuel rates are in sync with the global crude oil prices and the rupee-dollar exchange rate. On Tuesday, in the international oil market, crude oil prices dropped amid concerns of a weak global economic outlook. International benchmark Brent Crude oil futures peaked during trading hours to the highest level since November last year at $71.34 per barrel before dropping to $70.96 per barrel, declining by 0.2% or 14 cents. It may be noted that the international crude oil prices have risen by more than 7% in the last one month amid supply cuts led by the OPEC and US sanctions on Iran and Venezuela.

      15 April 2019

    • Fuel Becomes Costlier Today

      Petrol and diesel prices inclined again on Tuesday across major metro cities of the country. Petrol prices have been increased by 7 paise per litre, while diesel price rose by Rs.10-11 paise. After the revision, petrol is being sold at Rs.72.24 per litre as compared to Rs.72.17 per litre on Monday, while diesel is being sold at Rs.67.64 per litre as against Rs.67.54 per litre in Delhi. In Mumbai, a litre of petrol is available at Rs.77.87 per litre and diesel at Rs.70.80 per litre, inclining by 7 paise and 10 paise, respectively compared to yesterday’s price. Similarly, in Kolkata, the revised petrol rate is Rs.74.33 per litre and diesel is Rs.69.43 per litre. In Chennai, petrol is being sold at Rs.75.02 per litre, while diesel costs Rs.71.49 per litre. Prices of petrol and diesel are determined by state-run oil firms by considering the 15-day average price of the global crude oil and the rupee-dollar exchange rate. Prices may vary between cities and fuel stations due to local sales tax and transportation costs. The international benchmark Brent Crude oil futures were trading at $65.36 per barre, declining by 31 cents or 0.5% compared to its previous close.

      5 March 2019

    • Oil Prices Fall by 2 per cent on Thursday

      On Thursday, global oil prices fell by more than 2 per cent given the concerns that the global demand would lag in the coming year. The futures of Brent crude and US West Texas Intermediate (WTI) fell by 1.35 and 1.65 US dollars per barrel. The drop recorded since the last close was 2.2 and 3.05 per cent respectively. It needs to be mentioned here that the rebound since the lows witnessed in the latter half of December was stalled given the worries that the trade war between the United States and China would continue and weighed on the demand for fuel.

      Gene McGillian, the director of Market Research at Tradition Energy in Stamford, Connecticut stated that the correction was stalled mainly due to concerns about demand growth. He added that there seemed to be uncertainty about what is going to happen with the trade talks, with global economic growth and demand in the coming year. McGillian was of the view that the market was particularly worried about the fact that whether demand was enough to absorb growing crude production from the United States. It is noteworthy to mention here that even though oil prices have shown a 20 per cent gain so far this year, global markets have remained nervous after China in the month of January reported the lowest annual economic growth in nearly 30 years. This along with an unwelcome increase in stocks of crude oil put pressure on the global oil prices in the recent past.

      10 February 2019

    • Petrol and Diesel Prices Incline After 16% Dip in Two-Months

      On Monday, state-run Oil Marketing Companies hiked petrol and diesel prices after a 16% dip since 4 October 2018. Petrol prices had fallen by Rs.15 per litre, while diesel prices declined by nearly Rs.13 per litre. With the hike, a litre of petrol costs Rs.76.15 per litre, up by 19 paise, while diesel prices stand at Rs.67.47 per litre, up by 9 paise over the previous day’s price. It’s almost 72 days that diesel rates have been increased after it touched an all-time high of Rs.80.10 per litre in the finance capital of the country on 4 October 2018. Petrol prices, on the other hand, the highest price was recorded on 4 October 2018 as well, when a litre of petrol was sold at Rs.91.34 in Mumbai. Fuel prices are primarily driven by the price of crude oil in the international market and the exchange rate of the Indian currency over the U.S. dollar. Petrol and diesel prices in India are revised daily by oil companies under the Dynamic Fuel Pricing mechanism.

      18 December 2018

    • Price of Petrol Lowest in 6 months, costs Rs.73.57 per litre in Delhi

      On Wednesday, 28 November 2018, the price of petrol fell to the lowest since April. In Delhi, a litre of petrol was cut by 50 paise, priced at Rs.73.57. Petrol prices fell by Rs.9.26 per litre and the fall in price started on 18 October 2018.

      On October 4, the hike in petrol price began after being sold for Rs.84 per litre in Delhi and Rs.91.34 per litre in Mumbai. In Mumbai, petrol was being sold for Rs.79.12 per litre on Wednesday. Due to the fall in prices of crude oil globally and the increase in the value of the rupee, the price of fuel has been on the low since 17 October 2017.

      Global oil price is almost $60 per barrel currently and is said to be stagnant for the next few days.

      3 December 2018

    • Impact of Overseas Oil Prices on India

      While Brent crude oil prices have been fallen by 36.31% to $63.3 a barrel between 03 October and 21 November, the prices of diesel and petrol have been decreased by 5.28% and 8.9% respectively. As of 3 October, the price of petrol per litre stood at Rs.83.85 a litre. As of 21 November, the price dropped to Rs.76.30 per barrel. Diesel was priced at Rs.75.25 per litre on the third of October. The price reduced to Rs.71.27 on 21 November.

      Between 3 October and 21 November, the Indian rupee appreciated by 2.64%. On 21 November, one dollar was equivalent to Rs.71.30. Crude oil prices have decreased as Saudi Arabia and other major nations began extracting crude oil again to ease the worries of consumers as per a report.

      23 November 2018

    • Petrol Prices Hit the Lowest Since Last Month

      After a cut of 14 paise in the retail price of petrol today, the revised selling price of per litre of petrol has touched the lowest since the month of September. After the price revision, the new rates of per litre of petrol in Delhi is Rs.78.42. The corresponding price in Mumbai is Rs.83.92 and in Chennai, Bengaluru, and Kolkata, it’s Rs.81.46, Rs.79.05, and Rs.80.33 respectively.

      This is a huge relief for the public after the sharp rise in the price of oil last month. The government was forced to respond to this skyrocketing prices by introducing an immediate reduction in them. The reduction in prices follows a slump in the international rates of crude oil as India imports as high as 80% of its crude oil needs.

      After a sharp rise in early October, oil prices have fallen by around $15 within a month. And after the US softened its sanctions against Iran’s export of fuel, the price fell further today. As a result of this move, now eight countries can temporarily import Iranian crude.

      7 November 2018

    • Petrol Reaches Below Rs.80 in Delhi as Price Falls for 12th Day Straight

      Oil-marketing companies have cut petrol prices again in Delhi and Mumbai. The price of petrol in Delhi has decreased by Rs.3.08 per litre owing to the consecutive cuts in the fuel prices. In the national capital, 1 litre petrol now costs Rs.79.75, down by 30 paise from Sunday's rate of Rs.80.05. Meanwhile, in Mumbai 1 litre petrol is now available at Rs.85.24 while in Chennai and Kolkata it is available at Rs.82.86 and Rs.81.63 respectively. The petrol prices have reduced for 12 days in a row owing to falling international oil prices and appreciation in rupee. On October 4, the government slashed petrol price by a minimum Rs.2.50 of which Rs.1.50 per litre was a cut in excise duty while Rs.1 was by state-owned oil marketing companies. A number of states like Haryana, Gujarat, Rajasthan, Maharashtra and Uttar Pradesh slashed petrol price following the request from the central government. The retail selling price of petrol is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate.

      31 October 2018

    • Every litre of diesel sold for Rs.79.02 in the financial capital of the country

      Oil Marketing Companies (OMCs) on Sunday hiked the rates of diesel in the four metro cities of the country. The prices were increased by Rs.0.20 in the financial capital of the country. Following the hike in the prices, every litre of diesel cost Rs.79.02 in Mumbai. While in the other metro cities of the country, i.e., Delhi, Kolkata, and Chennai the rates were Rs.75.38, Rs.77.23, and Rs.79.71 respectively. The hike in the prices of diesel came a day before Prime Minister Narendra Modi is scheduled to take stock of the global energy scenario by meeting oil company chiefs. It needs to be mentioned that the prices of diesel have gone up steeply in the last few weeks owing to factors like high international crude oil prices, fall of rupee against the US dollar and high excise duty rates imposed of fuel by the government.

      16 October 2018

    Petrol Price In Metro Cities
    Petrol Price In Other Capitals
    Petrol Price In Other Major Cities
    Petrol Price In States

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.