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
|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|
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
|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 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
|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|
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
|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|
|% Change||3.61% up||1.91% down||2.41% up|
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
|Petrol Price in Nagpur||Petrol Price in Nashik||Petrol Price in Sangli||Petrol Price in Pune||Petrol Price in Solapur|
|Petrol Price in Jalgaon||Petrol Price in Aurangabad||Petrol Price in Amravati||Petrol Price in Kolhapur|
*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.