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Petrol Price in Mumbai (23rd October 2018)

Petrol prices in Mumbai have been turning more volatile, as prices of crude oil have been showing a firm trend. It is important to check todays petrol price in Mumbai (₹86.91), especially if you are going for a long drive. Remember, petrol and diesel prices are revised daily, so you can lose much, if you are travelling on a long distance. The rupee has also moved lower against the dollar, which has made petrol prices in Mumbai more expensive than before. It is hoped that the government can reduce excise duties, so as to enable rates to become more cheaper in the coming days.

Oct 22, 2018
₹ 86.91 /Ltr (₹ -0.30 )

Last 10 Days Petrol Rate in Mumbai

Date Price Price Change
Oct 21, 2018 ₹ 87.21 ₹ -0.25
Oct 20, 2018 ₹ 87.46 ₹ -0.38
Oct 19, 2018 ₹ 87.84 ₹ -0.24
Oct 18, 2018 ₹ 88.08 ₹ -0.21
Oct 17, 2018 ₹ 88.29 ₹ 0.00
Oct 16, 2018 ₹ 88.29 ₹ 0.11
Oct 15, 2018 ₹ 88.18 ₹ 0.00
Oct 14, 2018 ₹ 88.18 ₹ 0.06
Oct 13, 2018 ₹ 88.12 ₹ 0.18
Oct 12, 2018 ₹ 87.94 ₹ 0.12

Daily & Monthly Petrol Price in Mumbai : Graphical Representation

Historical Petrol Price in Mumbai

  • Trend of Petrol Rate in Mumbai, September 2018
  • Petrol Price
    1 st September Rs.86.09
    30th September Rs.90.84
    Highest rate in September Rs.90.84 on September 21
    Lowest Rate in September Rs.86.09 on September 1
    Over all performance Rising
    % Change +5.23%
  • Trend of Petrol Rate in Mumbai, August 2018
  • Trend of Petrol Rate in Mumbai, July 2018
  • Trend of Petrol Rate in Mumbai, June 2018
  • Trend of Petrol Rate in Mumbai, May 2018
  • Trend of Petrol Rate in Mumbai, April 2018

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

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 says Rs 2-3, which would happen after a fortnight's revision in daily prices. We are providing todays petrol prices, which is largely the daily price, the revision of which happens at 6 am in the morning. You would do well to check the daily petrol prices on goodreturns.inn and fill petrol, in case you are planning to completely 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 crude rally, they tend to impact domestic petrol prices, which means todays petrol prices in Mumbai are likely to go higher. For example, if crude oil moves from $55 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 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 todays 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 are petrol rates should work to Rs 40, but we in Mumbai end-up paying Rs 80 per litre. This is not good and the government must thing of reducing the taxes on petrol, so as to benefit the common man. The fuel internationally has fallen from levels of $100 to the current levels of $65, but we have not seen a corresponding reduction in the prices of petrol at the retail level. 

However, it would be very important to check the petrol rates before you fill your car or vehicle tank. 

 

Petrol Prices In Mumbai Settles At Rs 86.91 Per Litre After Cut

The prices of petrol in Mumbai declined despite a rise in crude prices. The petrol prices in Mumbai were recorded at Rs 86.91 per litre, down by 30 paise.

In the international market, crude prices inched up amid concerns over the sanctions on Iran is looming the oil industry. The U.S. sanctions on Iran related to petroleum products will come into effect from November 4. Apart from this, the worsening diplomatic crisis between the U.S. and Saudi Arabia over the disappearance and murder of Saudi Arabia based journalist Jamal Khashoggi has blown the situation out of proportion.

Most of the U.S. lawmakers are pushing in the idea to impose sanctions on the desert kingdom over the killing of Saudi journalist. The kingdom country has vowed to retaliate with bigger measures in case of sanctions and this has helped the crude prices to surge up. Brent is at $79.94 per barrel and WTI is at $69.41 per barrel.

The Indian rupee strengthened against the dollar and was seen trading at 73.45 mark during today’s trade session. The rise in rupee value will make the dollar-priced crude cheaper for purchase.

22 October 2018
Petrol Prices In Mumbai Goes Down Amid Rise in U.S. Inventories

The petrol prices in Mumbai were trimmed amid depreciating crude prices in the global market added with the rise in U.S. inventories. The petrol rates in Mumbai stood at Rs 87.46 per litre, down by 38 paise.

In the global market, crude prices have declined over the last few days and Brent was seen trading at $79.78 per barrel and WTI was at $69.28 per barrel.

The oil major, Iran seems to be unfazed ahead of the U.S. sanctions on its petroleum products which will hit Tehran starting from November 4. An unprecedented volume of crude is set to arrive at China’s northeast Dalian port this month and also in the early month of November 2018 as per Iran’s shipping source.

The rise in U.S. inventories led to the decline of crude prices in the international market and hence petrol rates in Mumbai were trimmed. The abundant availability of crude in the global market helped the prices to go down which otherwise was at its peak due to concerns arising out of shortfall in its supply. Apart from this, the Indian rupee also gained against the dollar during yesterday’s trade session and was seen trading at 73.48 mark.

20 October 2018
Petrol Prices in Mumbai Declines Owing To Declining Crude Prices

The petrol prices in Mumbai declined amid declining crude prices in the global scenario. The petrol rates in Mumbai touched Rs 88.08 per litre, down by 21 paise.

The crude prices dipped below $70 mark per barrel for the first time in the last few months amid the rise in the U.S. crude stockpiles which increased triple times than expected by the analysts. The exports of crude also declined which in turn led the fall in crude prices. The WTI was seen trading at $69.79 per barrel and Brent at $80.08 per barrel.

The return of the U.S. sanctions on Iran has tightened the oil industry. The industry is witnessing turbulence as most of the oil importing countries are worried about the continuous supply of oil from Iran which is currently the third largest oil importer in the world.

The recent missing case of Saudi Arabia based journalist, Jamal Khashoggi has raised tension in Saudi Arabia as the U.S. suspect that he might have been killed at the behest of the Saudi rulers triggering geopolitical strain between the U.S. and Saudi Arabia.

Meanwhile, the rupee gained during today’s trade session marginally against the U.S. dollar and was seen trading at 73.68 mark.

18 October 2018
Petrol Prices in Mumbai Stands Still

The prices of petrol in Mumbai remained flat in spite of fall in the crude prices in the international market. The petrol prices in Mumbai were seen at Rs 88.29 per litre.

The crude oil rates dipped in the international market after an industry data revealed the decline in the U.S. crude inventories and mounting tension over the disappearance of a Saudi Arabia based journalist. WTI was seen at $71.54 per barrel, down by 0.53% and Brent at $81.14 per barrel, down by 0.33%.

The U.S. crude oil inventories dipped by 2.13 million barrels over the last week and this led to the decline in crude prices in the global market. Apart from this, the disappearance of a Saudi Arabia based journalist from Turkey’s consulate triggered tension between the U.S. and Saudi Arabia.

The rallying crude prices in the global market has led to the increase in petrol rates in the country.

17 October 2018
Petrol Prices in Mumbai Rises Up Amid Geo-Political Tensions

The petrol prices in Mumbai were hiked following cues from global market wherein the crude prices were up amid geopolitical tensions which have surrounded Saudi Arabia and U.S. The petrol rates in Mumbai stood at Rs 88.29 per litre, up by 11 paise.

The global crude prices gained amid the data which revealed that Iran’s export for October has shrunk compared to the September’s oil exports. Tehran’s crude export for the month of October is at 1.33 million barrels per day (bpd) down from September’s oil export of 1.6 million bpd. There is a sharp decline in oil export from Tehran to the tune of 2.5 million bpd for October 2018.

WTI was seen trading at $71.61 per barrel and Brent at $80.65 per barrel.

The disappearance of the Saudi Arabian journalist, Jamal Khashoggi has led to the geopolitical tensions between U.S. and Saudi. The U.S. has threatened with severe punishment for the kingdom if the journalist is found to have been killed. The U.S. President has dispatched Secretary of State to the kingdom country to meet its leader King Salman, to discuss the matter.

The Indian rupee weakened by 9 paise to touch 73.92 mark against the dollar during today’s trade session amid increased demand for the U.S. dollar from banks and importers. The fall in the value of rupee has made dollar-priced crude expensive and hence petrol prices in Mumbai, the financial capital of India has gone up.

16 October 2018
Petrol Prices in Mumbai Stands Steady

The prices of petrol in Mumbai stood steady despite the rise in crude prices in the global scenario. The petrol prices in Mumbai were seen at Rs 88.18 per litre.

The global crude prices surged up amid rising Saudi tensions, with WTI at $71.76 per barrel and Brent at $81.23 per barrel. The disappearance of a famous Saudi journalist at the Saudi consulate in Istanbul led to the oil supply worries. The oil major has been under pressure since then.

Analyst feels that Saudi may use oil as a tool for retaliation if any sanctions or another kind of actions are taken against it.

U.S. President – Donald Trump threatened severe punishment if it is found that Jamal Khashoggi, a prominent Saudi journalist was killed in the consulate. In its defence, the Saudi denied charges and stated that it would retaliate to any action against it over the Khashoggi case.

Today, the Indian rupee gained against the strong dollar and was seen trading at 73.76 mark.

15 October 2018
Petrol Prices in Mumbai Up By 18 Paise

The petrol prices in Mumbai rallied up again owing to rise in crude prices ahead of the return of the U.S. Sanctions on Tehran. The petrol rates in Mumbai stood at Rs 88.12 per litre, up by 18 paise.

In the global market, crude oil gained marginally with WTI at $71.34 per barrel, up by 0.52% and Brent at $80.43 per barrel, up by 0.21%.

The International Energy Agency (IEA) stated in its monthly report that the spare oil production capacity is down by 2 percent of the global demand and expected a further fall in the future. Apart from this the OPEC member countries which have stepped in to increase the oil output is hesitating to increase the oil production fearing a shortage of oil for the next fiscal. Apart from this, the IEA has also cut the forecast for global oil demand growth for current, as well as next fiscal, owing to an adequately supplied market.

In India, the rupee gained against the dollar by 55 paise to close at 73.57 mark during yesterday’s close. The rupee tumbled against the dollar after the crash of the Dow Jones and other stock markets across the globe to touch a lifetime low of 74.48 mark on Thursday.

13 October 2018
Petrol Prices in Mumbai Rises Up By 12 Paise

The petrol prices in Mumbai inched up owing to rise in crude prices in the international market and gain in rupee value. The petrol rates in Mumbai stood at Rs 87.94 per litre, up by 12 paise.

In the global scenario, crude prices rose by 1 percent owing to robust Chinese crude imports. WTI was up by 1.21% at $71.83 per barrel and Brent was seen trading at $81.30 per barrel, up by 1.30%.

The Chinese customs data revealed that crude oil imports have surged up in the month of September to hit the highest level since May. Added to this, the OPEC member countries has trimmed its global growth demand for oil for next fiscal year for a third straight month due to headwinds facing the broader economy arising out of trade disputes and volatility amongst emerging markets.

Meanwhile, the rupee gained moderately against the dollar during today’s early trade session and was seen trading at 73.70 mark ahead of the release of Consumer Price Index based (CPI) inflation and Index of Industrial Production data later today.

12 October 2018
Petrol Prices in Mumbai Inches Up By 9 Paise

The petrol prices in Mumbai edged up despite downfall in crude prices in the international market. The petrol rates in Mumbai stood at Rs 87.82 per litre, up by 9 paise.

The crude prices sank in the international market amid an industry data which showed a rise in the U.S. crude inventories more than expected. WTI was down by 1.16% at $72.32 per barrel and Brent slid by 1.18% at $82.11 per barrel.

The U.S. crude stock edged up more than expected during last week. The gasoline inventories were up said a report from the American Petroleum Institute which was released on Wednesday.

The decline in the US markets led to the plunging of stocks in the Asian markets too and added to this the Indian rupee depreciated further to hit an all-time new low of 74.46 against the dollar during today’s trade session. The fall in the rupee has made the dollar-priced crude costlier for purchase and thus the prices of petrol are up in the domestic market – Mumbai.

11 October 2018
Petrol Rates in Mumbai Remains Constant

The petrol prices in Mumbai remained constant in spite of the decline in the global market amid IMF trimming the global growth outlook. The petrol rates in Mumbai was seen at Rs 87.73 per litre.

In the global scenario, crude rates edged lower as the International Monetary Fund (IMF) cut its global growth forecast for fiscal 2018 and fiscal 2019 respectively owing to raising concerns over demand for oil products may slump in the near future. With this, the WTI was seen trading at $74.90 per barrel and Brent was at $85.04 per barrel.

Apart from this, the IMF noted that the ongoing trade tariff war added with rising import tariffs are taking a toll on commerce and most of the developing economies are struggling with tightened financial conditions and capital inflows.

In India, the rupee continued to slump and today it was seen trading at 74.15 against the strong dollar. The fall in the rupee makes the dollar-priced crude costlier. The rallying crude prices have already ballooned the current account deficit of India to touch a whopping $187.8 billion for fiscal 2018.

10 October 2018

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