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Petrol Price in Mumbai (19th March 2024)

Today's petrol price in Mumbai stands at Rs. 104.21 per litre. No change recorded in petrol's price compared to yesterday. Over the past 10 days, fluctuations have been observed, with prices ranging between Rs. 106.31 and Rs. 104.21. You can also view today's petrol prices in other districts of Maharashtra and compare them with the rates from the previous day, which already include state taxes.

Mar 19, 2024
₹ 104.21 / Ltr( ₹ 0.00 )

Last 10 Days Petrol Rate in Mumbai

Date Price Price Change
Mar 18, 2024 ₹ 104.21 0.00
Mar 17, 2024 ₹ 104.21 0.00
Mar 16, 2024 ₹ 104.21 0.00
Mar 15, 2024 ₹ 104.21 -2.10
Mar 14, 2024 ₹ 106.31 0.00
Mar 13, 2024 ₹ 106.31 0.00
Mar 12, 2024 ₹ 106.31 0.00
Mar 11, 2024 ₹ 106.31 0.00
Mar 10, 2024 ₹ 106.31 0.00
Mar 9, 2024 ₹ 106.31 0.00

Daily & Monthly Petrol Price in Mumbai : Graphical Representation

Historical Petrol Price in Mumbai

  • Petrol Rate in Mumbai, March 2024
  • Petrol Price
    1st March ₹ 106.31
    19th March ₹ 104.21
    Highest rate in March ₹ 106.31 ( March 1st )
    Lowest Rate in March ₹ 104.21 ( March 15th )
    Over all performance Falling
    % Change 1.98%

    Petrol Price Trend in Mumbai for March 2024

    - Petrol prices in Mumbai commenced the month at Rs 106.31 per litre.

    - The lowest recorded rate was Rs 104.21, a -1.98% decrease relative to the month's initial price.

    - The latest data indicates that the current price of petrol is Rs 104.21 per litre.

    - Overall, March showcases a falling trend in Mumbai's petrol prices.

  • Petrol Rate in Mumbai, February 2024
  • Petrol Rate in Mumbai, January 2024
  • Petrol Rate in Mumbai, December 2023
  • Petrol Rate in Mumbai, November 2023
  • Petrol Rate in Mumbai, October 2023
  • Petrol Rate in Mumbai, September 2023

Daily petrol prices in Mumbai were revised beginning on June 15, 2017, after it was felt that the oil marketing companies were capable of revising petrol prices daily. While it was earlier not possible, due to various technical issues, these days it is highly possible to revise prices daily.

The petrol price in Mumbai (Maharashtra) is Rs 106.35 per litre. The petrol price in Mumbai is down by Rs 5 per litre after the state government cut the state taxes on July 14, 2022. Before this, the petrol rates in Mumbai were Rs 111.35 per litre. You can also check the petrol rates in other cities in Maharashtra today and the change in the prices in comparison to the previous day. The petrol price in Mumbai is inclusive of Maharashtra state taxes and central excise tax.  

Petrol Rate in Mumbai

Mumbai, the financial capital of India is home to millions of people is also the city that has the highest petrol price among the other four metro cities of India. With the highest number of working people, the city has a strong need for petrol. The city is not just the biggest city but also one of the highest energy consumption cities in the country.

Currently, the price of petrol in the city is Rs 109.96. In the last 10 days, the price of petrol hasn't seen any rise all thanks to countermeasures taken by the government. On November 3, in a sudden move, the government reduced the excise duty by Rs 5 and Rs 10, on petrol and diesel respectively. It was considered a response to tackling the continuous price increase in petrol in the country.

The highest price registered in the city was Rs 115.80 per litre on November 3, a day before the government reduced the excise duty.

The VAT and the excise duty imposed by the state and the central government are one of the determining factors in settling down the price of petrol in the city. The price of crude oil in the global oil market is responsible for the fluctuation of the price tag across the globe.

In the next couple of months, it is very much possible that the price of petrol might see slow down as the global oil market and the global economies are taking steps to keep the petrol price down. However, it is hard to predict the global market. The petrol price in Mumbai is an affair of domestic strategies in response to the global market.

Daily Petrol Prices in Mumbai Revised

Mumbai petrol prices in the first few days of price revision are seeing changes of a few paise. This is largely beneficial for consumers as they can easily absorb the same. On the other hand, it may be difficult to absorb the huge burden of say Rs 2-3, which would happen after a fortnight's revision in daily prices. We are providing today's petrol prices, which is largely the daily price, the revision of which happens at 6 am. You would do well to check the daily petrol prices on goodreturns.in and fill petrol, in case you are planning to fill your tank.

How are petrol rates in Mumbai determined?

Petrol prices in Mumbai are determined in a host of ways, including the international prices of crude and the movement of the currency against the US Dollar.  When global prices of the crude rally, they tend to impact domestic petrol prices, which means today's petrol prices in Mumbai are likely to go higher. For example, if crude oil moves from $40 to $70, its impact would most certainly be felt on the prices of petrol at the retail levels.

However, what would also be paramount would be the currency movement. For example, when the US dollar rises against the rupee, crude prices become costlier for fuel. On the other hand, if the rupee gains against the dollar, both petrol and diesel prices become costlier. It is hoped that this, in turn, would entail lowering the prices of petrol at the petrol stations.

Factors influencing petrol prices in Mumbai

There are a host of factors that ultimately lead to higher petrol prices in the city of Mumbai. This includes the import duty and the taxes that are imposed by the state. Apart from this today's petrol prices in Mumbai also reflect the dealer margins, that is the margins that are levied by the retail petrol pumps. Many estimates suggest that petrol rates should work to Rs 40, but we in Mumbai currently end up paying Rs 88 per litre. This is not good and the government must think of reducing the taxes on petrol, to benefit the common man. However, it would be very important to check the petrol rates before you fill your car or vehicle tank. 

Methods to check daily petrol prices in Mumbai

One can easily monitor the latest petrol updates via an SMS service or a customer support service operated by state-owned oil firms including Bharat Petroleum (BP), Hindustan Petroleum (HP), Indian Oil and Shell Oil. And also he/she can search online by visiting either of these oil firms' websites. Following the below-given methods, fuel consumers of Mumbai can check the current price of Mumbai from the comfort of their homes and office. 

Through SMS

Type: RSPDEALER CODE and send it to 9224992249

Via Calling

For Indian Oil- 9224992249

Bharat Petroleum-9223112222

Hindustan Petroleum-9222201122

The specifics are also available on company websites and mobile applications such as Fuel@IOC, Smart Drive (BPCL), and My HPCL. 

Current VAT on petrol and diesel in Mumbai

The price of petrol and diesel has shown a huge spike in recent months in Mumbai and other parts of the state.

Also, earlier in March 2020, for both automobile fuels, the state government had raised VAT (value added tax) by Re 1 litre each. Amid the lockdown caused by a coronavirus, several governments have increased fuel taxes to increase revenues and also the central government had raised the excise duty on both automobile fuels. However, the increase in excise duty did not translate into a related rise in retail prices, as it was modified to the decline in crude oil rates. Different taxes, including taxes levied by both state and central governments, accounted for around 70% of retail costs. The VAT on petrol and diesel in Maharashtra is 26% and 24% respectively. 

Who fixes fuel prices in Mumbai?

Earlier until 2017, the central government of India used to fix the prices of fuel. But the country adopted the dynamic fuel pricing technique on June 15, 2017, and since then the oil marketing companies in India mainly the Indian Oil Corporation Limited (IOCL) will fix the retail prices of petrol and diesel in the country. 

Which Mobile Apps help track daily fuel prices in Mumbai? 

Petrol and diesel prices continue to change daily and it is assumed that identifying the perfect fuel price is a hurdle as the main issue in people's minds is how to verify the appropriate fuel price of Mumbai or any other specific city in India.  However, various oil and gas companies such as Indian Oil, Bharat Petroleum and Hindustan Petroleum have resulted in various ways of maintaining a tab on reshaping fuel costs, and the best way to track the rate changes is by downloading mobile apps through which Indian fuel consumers can easily track the perfect oil and diesel prices with ease. Top metro cities like Mumbai, Delhi, Kolkata, Bengaluru, Chandigarh, Chennai and many more initiated the Dynamic Fuel Pricing mechanism in June 2017, for petrol and diesel prices.

The fuel prices differ due to local taxes and other costs, across states. However,  Mobile apps allow fuel consumers to check on-the-go oil prices and one can also view the current fuel rates through SMS services or visit a specific oil company's website as discussed above. Here are the mobile applications which allow you to keep up to date with the latest fuel price from your comfort regularly.

Fuel@IOC – IndianOil


Fuel@IOC-Indian Oil mobile app enables the fuel consumers of Indian oil to easily track the fuel rates of Mumbai or any other city in India from the comfort of their home or office. This app is available to install on both IOS and Android platforms. IOS users can open App Store and search for the app to download whereas Android users can search and download the same by opening the Google Play Store. Indian Oil's mobile application helps users to check for new fuel prices, any time anywhere. Before going out you can just open your mobile to check the latest fuel price of your city or locality, which means the convenience and user-friendly are just at your fingertips. Using this app you can easily understand the current market pattern of fuel prices in Mumbai. Fuel@IOC-IndianOil is available for free for both Apple and Android devices, which are the most popular operating systems. You can directly access Indian Oil's official website in case you do not have IOS or Android mobile. By visiting the website or by using the mobile app of Indian Oil you can conveniently monitor the current fuel price of Mumbai or your locality without leaving your comfort. 

BPCL’s SmartDrive

BPCL's SmartDrive mobile application enables consumers to maintain records of fuel station purchases and also assists in identifying local fuel stations. SmartDrive is programmed to gather information about consumers and vehicles so that they can give you daily updates about your vehicle's PUC, insurance and service, and is accessible in both the Google Store and the Apple Store.

SmartDrive also contains information on all the loyalty purchases on Petrocard and SmartFleet, about specifics of the fuel rates of Mumbai. Your reviews will help the BPCL to better service you, you are very welcome to value the Fuel Stations' enhanced services at the SmartDrive app. You can post pictures of the filling stations that you are satisfied with and express the frustration that you have felt at each of their fuel stations. SmartDrive has a means of establishing a positive partnership with the clients and partners, and at every action you take they pledge that they will stroll with you and be the option for your fuel needs. Cherish the Bharat Petroleum drive and download the SmartDrive App today to stay tuned with the latest petrol price in Mumbai.

My HPCL Mobile App

My HPCL mobile app issued by Hindustan Petroleum also introduces a better category to keep abreast with the updated and accurate petrol prices of Mumbai. For Android, IOS and Windows users, the mobile app is available for download for free. In addition to offering the revised petrol price of Mumbai regularly, this app also has some interesting features for the fuel consumers of Mumbai such as Outlets & Services, My Vehicle, Updates, customer support section, Feedback, Assistance & Tips and also provides access to Insurance Renewal (with alliance company), DT PLUS (HPCL Rewards Scheme for fleet owners) and HPGAS (LPG). Even though the overall trend is believed to be buyer-centred, fuel prices are now calculated across all parts of the country based on global market dynamics and USD to INR price fluctuations. Mumbai's petrol consumers can conveniently search the city's new gas prices from the convenience of their residence or workplace. Consumers can reach the revised cost of petrol every morning with a few taps before going to the office or filling their vehicle's fuel container.

Petrol consumers of Mumbai who do not have a smartphone can also visit the official website of HPCL or else he/she can use the SMS service or the toll-free number of HPCL to track the latest petrol price of the city regularly.     

What is the impact of GST on petrol prices in Mumbai?

What is the fixed limit GST rate up to date? That is 28 per cent. Such as petrochemicals, petrol is not covered by GST, which means Goods and Services Tax. If GST is to be adopted, all tax elements should be omitted from the current fuel price overview of the market. And the retail selling price (RSP) of petrol will decrease by a wide margin if GST were introduced at its highest stage, i.e. 28 per cent. The change will destroy the revenue source of Maharashtra’s government and the central government. It is the central government's authority to import petrol under the GST system. Conscious of the sectors of natural gas and oil? The whole oil and natural gas market has been put beyond GST's authority. The sector has many participants, ranging from OMCs to fuel bunker operators. It is expected that the implementation of GST in the sector will hurt its participants. For example, industry players are forced to comply with double tax regimes, creating higher delivery costs. The GST authority may recommend increasing the tax rate to make sure that petrol is imposed under the GST regime and that the revenue stream of the state and central government remains constant.   

Petrol prices in Mumbai stay elevated after crude prices rally

Mumbai, a financial and entertainment hub, and the capital of Maharashtra state is also the centre of discussion when it comes to petrol prices in the country. Mumbai, being the centre of the financial institutions also suffers the price ups and downs whether it is petrol or any other things.

In the last few weeks, the petrol price in the city has witnessed a random change. It becomes important to keep an eye on the changes if you have any planned long drives on the long route. GoodRetuns. makes it easy for you to keep an eye on the petrol price ups and downs.

On 23rd November 2021, the price of petrol in the city is Rs 109.98. It is predicted that the price might change shortly as several international affairs are taking place in the oil industry. Government is also keen on its effort to reduce the petrol price in the country. To reduce the price excise duty might be slashed by the government in an attempt to reduce the price like what happened a few days back. However, the price of petrol still suffers as the international price of crude oil plays a major role in the price decision. Central and State government taxes along with Import duty also contribute to determining the price of petrol in the city.

Other than these factors, the movement of the currency against the US Dollar also plays an important role in the price tag of petrol. When the global crude oil price goes up, the domestic price goes up impacting the global economy and the currency against the dollar. 

 Petroleum Formation

Petroleum formation takes a very long time, around millions of years. Petrol is a form of natural fuel formed due to the presence of decomposed carcasses of dead animals. It is found beneath the surface of the earth. These carcasses are of dead animals which are subjected to extreme heat and pressure.

Over several centuries, more than millions of animals have taken birth, lived and died to become fossilized fuel. Similarly, in the ocean, the oceanic creatures have drowned at the bottom of the ocean and have got buried under rocks and sand.

The presence of bacteria has helped the decaying process. The decomposed organic matter has gotten buried deeper and deeper over the years. Over millions of years, the high pressure, temperature, and absence of air have converted these dead animal fossils into petroleum and coal. This liquefied form of dead organic matter is known as crude oil. 

Soaring Petrol prices in Mumbai

The soaring petrol prices in Mumbai have become an unexpected burden for both individuals and businesses. This sudden surge in fuel costs has caused a disruption in the daily lives of people, making it harder to manage their expenses and forcing them to cut back on their essential activities. Moreover, the inflated living costs resulting from these high petrol prices have further worsened the already challenging economic recovery of the city post-pandemic. The financial strain caused by the continuous increase in petrol rates has also taken a toll on the overall economic well-being of Mumbai. This has extended beyond just the individual level and has started to impact various other aspects, including job opportunities, the city's market status, and the survival of small businesses. The constant rise in petrol prices has created a ripple effect that threatens the vitality and stability of the city's economy.

It is essential to understand the various factors that play a role in the increasing petrol prices. Internationally, tensions in the oil market, fluctuations in exchange rates, and production reductions significantly impact the global price of crude oil, leading to volatility. On the domestic front, taxes imposed by the central and state governments constitute a significant portion of the fuel price. Any increase in the taxation system can cause petrol prices to skyrocket suddenly. These factors combine to shape the current scenario of rising petrol rates, and understanding them is crucial for individuals and policymakers alike.

The escalating petrol prices have wide-ranging repercussions across society. As fuel rates surge, the knock-on effect is felt through elevated transportation expenses, ultimately resulting in higher prices of essential goods and services. This places an added burden on individuals and families, who must now allocate more of their budgets towards these inflated costs. Industries heavily dependent on petrol are equally affected, being forced to curtail their operations due to the exorbitant expenses involved. Consequently, this reduction in activities leads to layoffs and stunted growth, contributing to job insecurity and economic instability.

However, it is the lower-income groups that bear the brunt of these price hikes most acutely. Already grappling with limited financial resources, they find themselves stretched even thinner as the cost of fuel eats into their budgets. This leaves them with less disposable income for other crucial necessities and further exacerbates the cycle of poverty and economic inequality. In contrast, higher-income individuals may be able to absorb the increased petrol expenses more easily, relying on their greater financial cushion. Thus, the soaring petrol prices have a cascading effect on society, amplifying the challenges faced by vulnerable groups and impeding overall economic progress.

Latest Updates on Petrol Price in Mumbai

Petrol Prices Unmoved in Mumbai

The petrol prices are unmoved in Mumbai for a long time since mid-May despite a slight drop in the crude rates in the global markets. The petrol rates in Mumbai traded at Rs 106.31 per litre.

In the international forum, Brent was seen at $85.54 per barrel, down by 1.24% and West Texas Intermediate (WTI) at $79.15 per barrel, down by 1.24%.

Earlier in the session, both the crude benchmarks had declined by over $2 per barrel but it pared some losses after the data showed that the U.S. Consumer Price Index (CPI) accelerated at its slowest annual pace since late fiscal 2021. The situation has raised the likelihood of a less aggressive stance from the Fed in the coming months.

Analysts note that the financial markets are still taking time to digest the outcome of the CPI data. The rate hike expectations have moved up and down and the volatile movement has influenced asset classes like crude.

Yesterday, the U.S. Department of Energy (DOE) announced that it would sell 26 million barrels of crude from its strategic petroleum reserve (SPR). The United States of America’s SPR is at its lowest level since 1983.

The DOE had even considered cancelling the sale after Joe Biden’s administration had sold a record 180 million barrels of crude from the reserve.

But the move from DOE will require Congress to act to change the mandate.

14 February 2023
Petrol Prices Consistent in Mumbai

The petrol prices are consistent in Mumbai despite witnessing a fall in global fuel prices marginally as investors' focus will stick to the release of the U.S. inflation data. The petrol rates in Mumbai were recorded at Rs 106.31 per litre.

In the international scenario, Brent stood at $85.62 per barrel, down by 0.89% and West Texas Intermediate (WTI) at $78.89 per barrel, down by 1.04%.

The crude prices which were witnessing positive growth last week kickstarted the week with a marginal drop in the rates. The drop in fuel demand has added concerns to the existing issues, which the oil markets are currently facing.

An analyst from OANDA notes that the crude prices are softening as energy traders are forecasting a potentially weak fuel demand in the coming days and this might force the Fed to tighten the policy stance much more aggressively.

He further added that this week could deliver a make-or-break moment in how bad of a recession, the Wall Street Prices are in.

The Fed has lately eased the interest rates amidst declining inflation rates.

The resumption of Azerbaijani oil exports at Turkey’s Ceyhan amidst the devastating earthquake which completely shook Turkey has relieved supply concerns.

Last week, Russia announced its plans to trim down crude production in retaliation against western curbs on its oil imports which were imposed in response to Moscow's invasion of Ukraine.

13 February 2023
Petrol Price Stagnant in Mumbai

The petrol prices are stagnant in Mumbai despite an uptick in the crude rates in the global markets. The petrol rates in Mumbai were recorded at Rs 106.31 per litre.

In the overseas forum, Brent stood at $86.39 per barrel, up by 2.24% and West Texas Intermediate (WTI) at $79.72 per barrel, up by 2.13%.

Russia’s Deputy Prime Minister – Alexander Novak said that the country plans to cut down its crude oil production in March by 500,000 barrels per day (bpd). This will account for around 5% of the output.

The shortage of supply in the oil markets has bolstered fuel prices to shoot up in the global markets.

The western nations are trying their best to choke off Moscow’s oil revenues in response to its ongoing war with its neighbour Ukraine. The trim in the output from Russia indicates that the European Union’s decision on a price cap ban on Russia’s oil products will have some impact on the markets.

Analysts note that the drop in Russia’s oil production by 700,000 – 900,000 barrels in 2023 is in line with market expectations. They further noted that the key for the crude to break out of the current trading range is an uptick in China’s crude demand in the coming months post-recovery from the pandemic crisis.

11 February 2023

Petrol Prices Little Changed in Mumbai

The petrol prices are little changed in Mumbai despite march in the global crude rates as Russia plans to cut down production beginning next month. The petrol rates in Mumbai were recorded at Rs 106.31 per litre.

In the global forum, Brent was seen at $86.30 per barrel, up by 2.17 per cent and West Texas Intermediate (WTI) at $79.69 per barrel, up by 2.09 per cent.

The G7 economies, Australia and the European Union have together agreed to impose a ban on the use of the Western-supplied maritime insurance, brokering and finance for seaborne Russian oil which is priced over $60 per barrel. The move came into effect on December 5 as a part of the Western sanctions over Moscow.

Apart from this, the European Union has also banned the purchase of Russian oil products and set a price cap from February 5, 2023.

Moscow is set to cut down its fuel production from March in the wake of the EU’s sanction on its fuel imports.

Russia’s Deputy Prime Minister – Alexander Novak said that the country plans to cut down its oil production in March 2023 by 500,000 barrels per day, accounting for around 5 per cent of the output.

Analysts note that the Russian economy is fraying in the face of the Western nations-imposed sanctions.

10 February 2023
Petrol Prices Unmoved in Mumbai

The petrol prices are unmoved in Mumbai despite the edging of crude rates in the international markets. The petrol rates in Mumbai were recorded at Rs 106.31 per litre.

In the international markets, Brent was seen at $80.46 per barrel, up by 0.65% and West Texas Intermediate (WTI) at $73.73 per barrel, up by 0.46%.

The markets are fearing the recession which has dominated the markets currently, weighing on the crude prices to witness a drastic fall. The International Energy Agency (IEA) Executive Director – Fatih Birol has highlighted that China’s recovery has remained a key driver for crude prices at the moment.

China is the world’s largest crude importer globally, the improvement in the fuel demand from the dragon country will indeed uplift the global crude rates, which have seen a drastic drop of 8 per cent recently.

The IEA is forecasting that half of the global crude demand growth for the year will come from China, wherein the jet fuel demand is witnessing a surge.

Based on the fuel demand recovery, the Organization of the Petroleum Exporting Countries (OPEC+) members will have to reassess their decision to trim output by 2 million barrels per day through 2023.

Analysts note that the higher interest rates will keep a lid on further price gains, as it will curtail economic growth and hike the fuel demand.

6 February 2023

Petrol Prices Stabile in Mumbai

The petrol prices are stable in Mumbai despite witnessing a fall in the global markets as Russia’s crude imports ban begins. The petrol rates in Mumbai were recorded at Rs 106.31 per litre.

In the overseas forum, Brent was seen at $82.51 per barrel, down by 0.40% and West Texas Intermediate (WTI) at $76.23 per barrel, down by 0.24%.

On Thursday, the fuel prices slipped slightly as looming sanctions on Moscow’s oil products have added uncertainty over the fuel supply and a build in the U.S. fuel stocks has suggested sluggish demand despite signs of an improved global economy’s revival.

The U.S. government data showed a large build in the crude stock leading to the plunge in both benchmarks by over 3 per cent.

The European Union’s ban on Russia’s refined products will come into effect from February 5, 2023, and this will potentially blow the global crude supply.

The European Union nations will seek a deal tomorrow on a European Commission proposal to set a price cap on Moscow’s crude products after postponing a decision yesterday due to the divisions amongst the member states.

The European Commission proposed last week that the EU can apply a price cap of $100 per barrel on premium Russian oil products like diesel and a $45 per barrel cap on discounted products like fuel oil.

2 February 2023

Petrol Prices Stout in Mumbai

The petrol prices are stout in Mumbai despite a marginal drop in the crude rates in the overseas markets on Tuesday’s trade session. The petrol rates in Mumbai are recorded at Rs 106.31 per litre.

In the global scenario, the crude benchmark – Brent was seen at $84.92 per barrel and West Texas Intermediate (WTI) at $77.54 per barrel, down by 0.46%.

The market has now turned its focus towards the outcome of the planned virtual meeting of the members of the oil producers club. The Organization of the Petroleum Exporting Countries (OPEC) and its member partners including Russia are all set to meet tomorrow to decide on the future of the output policies.

Sources close to the OPEC have revealed that the oil producers are likely to keep the current output levels unchanged when it meets as the fears of economic slowdown grow.

The Fed is likely to ease the interest rate hike to 25 basis points from its earlier tally of a 50 basis point hike announced in December 2022.

China, which witnessed a steep surge in the pandemic cases had announced a stew of stringent measures to control the rising infection rates. Currently, the dip in the infection levels and reopening of the economy amidst the Lunar New Year has shown vital signs of potential healthy fuel demand coming from China.

31 January 2023

Petrol Prices Unvaried in Mumbai

The petrol prices are unvaried in Mumbai despite witnessing a fall in the international markets on a stronger supply outlook. The petrol rates in Mumbai traded at Rs 106.31 per litre.

In the international markets, Brent was seen at $86.66 per barrel, down by 0.93% and West Texas Intermediate (WTI) at $79.68 per barrel, down by 1.64%.

The crude prices slipped down in the international markets to finish flat to lower. The indications of a strong Russian crude supply have offset better-than-expected U.S. economic growth data, and hopes of a surge in the recovery in Chinese demand.

The oil loadings from Russia’s Baltic ports are all set to increase by 50 per cent this month from December 2022’s tally as sellers try to meet the strong demand in Asia and benefit from rising prices of global energy.

The U.S. energy firms for this week have kept the oil and natural gas rigs firm at 771, energy services firm – Baker Hughes Co noted this in its closely followed report.

Meanwhile, the members of the Organization of the Petroleum Exporting Countries (OPEC+) delegates will be meeting next week to review crude production levels. The sources from the oil producers group are expecting no change in the current output policy.

29 January 2023

Petrol Prices in Mumbai Unmoved As OPEC+ members Unlikely to Tweak Policy

The petrol prices in Mumbai were unmoved even as the OPEC+ members are likely to continue with the existing crude output without making any changes as the members are set to meet shortly. The petrol rates in Mumbai were recorded at Rs 106.31 per litre.

In the international platform, the crude benchmark - Brent was seen at $85.92 per barrel, down by 0.24% and West Texas Intermediate (WTI) at $79.81 per barrel, down by $0.40%.

Analysts note that the reopening of the Chinese economy after a surge in the pandemic cases and subsequent imposition of COVID restrictions could unleash a large wave of pent-up demand over the next 18 months (about 1 and a half years).

Oil prices shed around 1.5 per cent for the week following recession jitters.

On the supply side, the volumes of crude should remain firm for the medium term as the Organization of the Petroleum Exporting Countries (OPEC) and its allies are expected to keep their output policy steady.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, scheduled to meet next week, noted that the hopes for higher crude demand from China are balanced with the growing worries of inflation and the slowdown in the global economy.

During October 2022, the oil-producing members agreed to trim down the output by 2 million barrels per day, starting from November through 2023, owing to the weak economic outlook.

25 January 2023
Petrol Prices in Mumbai are Seen at Rs 106.31 per litre

The petrol prices in Mumbai have been stagnant for a long time since May 22, 2022, despite mixed results in the international markets. The petrol rates in Mumbai traded at Rs 106.31 per litre.

In the international scenario, the crude benchmark – Brent was trading at $87.98 per barrel, down by 0.24% and West Texas Intermediate (WTI) at $81.53 per barrel, down by 0.11%.

The petrol prices in India see regular revisions at 6:00 in the morning in line with the changes in crude rates in the global markets, currency exchange rates and a host of other factors.

The slowdown in the hopes of an interest rate hike added to growing concerns over the health of the U.S. and has put a cap on the growth of fuel prices.

China, the largest importer of fuel globally, is set to ramp up the purchase of fuel after emerging from the lockdowns. The crude oil rates in the physical markets have started to surge following the easing of norms in China. The situation has prompted buyers and traders to ramp up purchases and stock the oil as markets worry that the sanctions on Russia could tighten crude supply.

The continued tensions between Russia and Ukraine have forced many western nations to impose a ban on the purchase of Moscow’s crude, tightening the oil markets.

24 January 2023

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