Petrol Rate in Mumbai:
|About 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.
Trend of Petrol Price in Mumbai for August 2019 (rates per litre):
|Highest Rate in August||Rs.78.47|
|Lowest Rate in August||Rs.77.62|
August 2019 – Week 1 (1-7):
- Petrol price in Mumbai opened at Rs.78.47 per litre on 1 August, 6 paise lower than the previous day’s closing price. In the international crude oil market, crude prices dropped after the US Federal Reserve squashed the chances of possible rate cuts. However, the diesel prices remained stable without undergoing any price change.
- Petrol slumped further, recording Rs.78.31 per litre on 2 August, marking a drop of 16 paise per litre. Prices dropped further, trending at Rs.77.99 per litre on 5 August. Meanwhile, in the international oil market, crude prices fell amid worries over weaker demand after the Trump administration said it would impose tariffs on more Chinese imports.
- Petrol in Mumbai closed the week at Rs.77.90, its lowest recorded price till now in the month of August. The overall decline in petrol price recorded in the first week of August is -0.72%. In the international oil market, crude price dropped owing to US-China trade tensions. With Trump announcing to impose more tariffs on Chinese imports, crude prices could drop further in the coming days. However, amidst US-China trade war, state-run oil marketing companies decided not to change the diesel rates, which stayed stable for the entire week of August.
August 2019 – Week 2 (8-14):
- Petrol price in Mumbai opened at Rs.78.47 per litre on the second week of August—6 paise lower than the previous day’s closing price.
- Petrol dipped further by 16 paise on the next day, standing at Rs.78.31 per litre. The dip was primarily due to the ongoing US-China trade tension with Trump administration deciding to impose more tariffs on Chinese imports.
- Petrol price in Mumbai slumped slightly more in the next few days before stabilising at Rs.77.62 per litre. Meanwhile, in the international oil market, crude prices dropped due to possible supply cuts amidst looming global economic crisis.
Trend of Petrol Price in Mumbai for July 2019 (rates per litre):
|Highest Rate in July||Rs.79.07|
|Lowest Rate in July||Rs.76.13|
July 2019 – Week 1 (1-7):
- Petrol price in Mumbai was priced at Rs.76.13 per litre on 1 July, the lowest price recorded during the week marked by the marginal decrease in crude oil prices in the international market owing to production cuts led by the OPEC and its allies.
- On 2 July, state-run Oil Marketing Companies (OMCs) hiked the petrol price in Mumbai by 7 paise per litre to be sold at Rs.76.20 per litre and remained unchanged until 6 July.
- Petrol in Mumbai during this week rose to touch a weekly high of Rs.78.62 per litre on 7 July due to the hike in excise duty by Re.1 per litre, and road and infrastructure cess of Re.1 per litre which led to an incline of 3.27% during the week.
July 2019 – Week 2 (8-14):
- Petrol was priced at Rs.78.62 per litre on 8 July, this was including the additional excise duty hike announced by the Central Government in the 2019 Finance Budget of Rs.2 per litre to mop up revenue for social welfare schemes.
- State-run Oil Marketing Companies decreased petrol prices in Mumbai on 9 July when a litre of the fuel was sold at Rs.78.57 after crude prices declined amid concerns of a decline in demand after the recent indications that tariff war between the US and China dragged the global economy.
- On 14 July, prices rose to its weekly high of Rs.78.75 per litre, inclining by 0.17% during the week attributed by slight increase in crude prices due to tensions in the Middle East despite the ongoing production cuts led by the OPEC.
July 2019 – Week 3 (15-21):
- When the week began, petrol in Mumbai was priced at Rs.78.87 per litre – the lowest price recorded during the week; however, it had inclined over the previous day amid rise in crude oil prices attributed by concerns over the slowdown of the Chinese economy indicating a possible decline in demand.
- Prices continued to rise over the week as crude oil prices rose amid increasing prices of crude oil in the oil market influenced by tensions in the Middle East.
- By the end of the week, petrol prices in Mumbai rose significantly attributed by the rise in crude oil prices after the US shot down a drone of Iran escalating tensions in the Middle East despite the ongoing supply cuts led by the OPEC and its allies to keep prices stable.
July 2019 – Week 4 (22-28):
- Petrol in Mumbai opened at Rs.79.01, unchanged from the previous day’s closing price. However, in the international crude oil industry, prices dropped following International Energy Agency (IEA) statement that it would act quickly if required to keep the market afloat amid hostilities in the Middle East.
- Prices improved marginally on the next day, recording at Rs.79.07 per litre, the highest in the month. The slight hike could be attributed to the huge fall in US inventories. Meanwhile, the US Navy claimed to have shot down another Iranian drone, which further affected global oil prices.
- Petrol prices started falling soon after, closing the week at Rs. 78.81 per litre. Weak demand coupled with Russia and OPEC agreeing to extend oil supply cuts are the obvious reasons for this petrol price drop. Also, as per IEA (International Energy Agency), it’s unlikely that crude prices will go up considerably in the next few days owing to weak demand and a glut in the crude market.
Also Check Petrol Price in Metro Cities
|Petrol Price Delhi||Petrol Price in Chennai||Petrol Price in Bangalore|
|Petrol Price Kolkata||Petrol Price n Hyderabad||Petrol Price Pune|
Trend of Petrol Price in Mumbai for June 2019 (rates per litre):
|2nd June||Rs.77.16 per litre|
|30th June||Rs.76.13 per litre|
|Highest Rate in June||Rs.77.16 per litre on 2 June|
|Lowest Rate in June||Rs.75.60 per litre from 16 – 23 June|
June 2019 – Week 1 (2-8):
- Petrol opened the week at Rs.77.16 per litre, a slight incline compared to the previous day’s price influenced by a fall in crude oil prices in the global oil market.
- Over the week, petrol prices slumped with the lowest price of the week recorded at Rs.76.60 per litre on 7 June, also the lowest price for the month.
- The fall in prices comes amid the stabilisation of crude oil prices as Brent crude futures, the international benchmark, fell by 22 cents or 0.4% after declining sharply by 10% in the last four days.
June 2019 – Week 2 (9-15):
- The week opened with petrol being retailed at Rs.76.60 per litre, no revision compared to the previous day’s rate.
- State-run Oil Marketing Companies (OMCs) cut the petrol price by 50 paise on 10 June passing on the benefits to customers as crude oil prices were down in the last week.
- Petrol prices continued to fall over the week to touch a weekly low of Rs.75.66 a litre on 15 June influenced by concerns of investors of a trade war between the US and China and output cuts led by the Organisation of Petroleum Exporting Countries (OPEC) and its allies.
June 2019 – Week 3 (16-23):
- On 16 June, petrol was retailed at Rs.75.60 per litre even as OMCs reduced petrol prices by 6 paise a litre against the previous day’s rate.
- Petrol prices in Mumbai declined sharply impacted by the decline in crude oil prices on indications that global economic growth slowing down influenced by the US-China tariff war.
- Oil firms decided to keep petrol prices unchanged for the rest of the week despite the rise in crude prices amid tensions in the Middle East after Iran shot down a military drone of the US, and on expectations for a cut in US interest rate that may spruce up the global growth.
June 2019 – Week 4 (24-30):
- During the last week of June, petrol opened at Rs.75.72 per litre, rising by 12 paise over the previous day’s rate and remained unchanged until 26 June.
- Oil companies continued to revise the petrol price daily until the end of the week to touch Rs.76.13 per litre on 30 June, a weekly high.
- In the international oil market, crude oil rates fell as traders awaited the outcome of the G20 summit as well as meeting of the OPEC and its allies to take a decision on the possible extension of the output cuts in the global oil market.
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.
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.
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.