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Petrol Price in Mumbai (4th December 2020)

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 ₹ 89.52 (4th December 2020), 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.

Dec 4, 2020
₹ 89.52 /Ltr ( ₹ 0.19 )

Last 10 Days Petrol Rate in Mumbai

Date Price Price Change
Dec 3, 2020 ₹ 89.33 ₹ 0.17
Dec 2, 2020 ₹ 89.16 ₹ 0.14
Dec 1, 2020 ₹ 89.02 ₹ 0.00
Nov 30, 2020 ₹ 89.02 ₹ 0.00
Nov 29, 2020 ₹ 89.02 ₹ 0.21
Nov 28, 2020 ₹ 88.81 ₹ 0.23
Nov 27, 2020 ₹ 88.58 ₹ 0.18
Nov 26, 2020 ₹ 88.40 ₹ 0.11
Nov 25, 2020 ₹ 88.29 ₹ 0.00
Nov 24, 2020 ₹ 88.29 ₹ 0.06

Daily & Monthly Petrol Price in Mumbai : Graphical Representation

Historical Petrol Price in Mumbai

  • Trend of Petrol Rate in Mumbai, December 2020
  • Petrol Price
    1st December Rs.89.02
    4th December Rs.89.52
    Highest rate in December Rs.89.52 on December 4th
    Lowest Rate in December Rs.89.02 on December 1st
    Over all performance Rising
    % Change +0.56%
  • Trend of Petrol Rate in Mumbai, November 2020
  • Trend of Petrol Rate in Mumbai, October 2020
  • Trend of Petrol Rate in Mumbai, September 2020
  • Trend of Petrol Rate in Mumbai, August 2020
  • Trend of Petrol Rate in Mumbai, July 2020
  • Trend of Petrol Rate in Mumbai, June 2020

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 $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 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 currently end-up paying Rs 88 per litre. This is not good and the government must thing of reducing the taxes on petrol, so as 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 home 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 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 since 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 are helpful for tracking daily fuel prices of Mumbai? 

Petrol and diesel prices continue to change on a daily basis 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 of 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 much more had initiated the Dynamic Fuel Pricing mechanism on June 2017, of 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 on a regular basis.

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 of 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 the 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, means the convenience and user-friendly is just in your fingertips. Using this app you can easily understand about the  current market pattern of fuel price 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 record 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 of all the loyalty purchases on Petrocard and SmartFleet, in relation to 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 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 of Mumbai.

My HPCL Mobile App

My HPCL mobile app issued Hindustan Petroleum also introduces a better category to keep abreast with the updated and accurate petrol price of Mumbai. or Android, IOS and Windows users, the mobile app is available for download for free. In addition to offering the revised petrol price of Mumbai on a regular basis, 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), DTPLUS (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 price in Mumbai?

What is the fixed limit GST rate up to date? Definitely, that is 28 per cent. Such as petrochemicals, petrol is not covered by GST, which means for 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 have a negative impact on its participants. For example, industry players are forced to comply with double tax regimes, creating higher delivery cost. 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 Gains in Mumbai

The petrol prices gained in Mumbai despite fall in the overseas crude rates as OPEC+ members resumed talks to decide the fate of the future oil supply.

The petrol rates in Mumbai spotted trading at 89.33 per litre, up by 17 paise.

In the international scenario, Brent traded at $47.89 per barrel, down by 0.75%; West Texas Intermediate (WTI) at $44.86 per barrel, down by 0.93%.

The oil producers club had postponed the meeting from Tuesday to Thursday as all the members were yet to meet a consensus over the supply deal beginning from January 2021. The meeting witnessed locking of horns between Saudi Arabia and Russia over the need to extend the output cuts set in place during the first wave of the virus.

The earlier talks held between the oil producers club failed to reach a compromise on how to tackle the weak oil demand amidst the second wave of the pandemic. Hence the members are meeting again to decide on the fate of the future of global crude output.

Most of the members are leaning towards oil cuts rollover at present with a gradual increase in output over the coming months.

Hopes of fuel demand revival improved after the announcement of vaccine supported the rally in the oil prices. Meanwhile, the U.S. crude inventories also declined to uplift the mood of the oil markets. The crude stocks fell by 679,000 barrels in the week to November 27 as against the Reuters poll analysis of a decline of 2.4 million barrels.

3 December 2020
Petrol Rates Fixed in Mumbai

The petrol rates are fixed in Mumbai despite a marginal slip in the global crude prices as OPEC and its allies delay the meeting amidst an unexpected rise in the U.S. crude stockpiles. The petrol prices in Mumbai spotted trading at Rs 89.02 per litre.

In the overseas markets, Brent stood at $47.21 per barrel, down by 0.44%; West Texas Intermediate (WTI) at $44.32 per barrel, down by 0.52%.

The surprise build in the U.S. crude inventories and delay in the future crude output decision by the OPEC has led the oil to extend losses during today’s trade session. The OPEC and its members have delayed their formal meeting to Thursday, as they are yet to decide whether to increase the output beginning from January 2021 or not.

The second wave of the pandemic has hurt the fuel demand forcing the Organization of the Petroleum Exporting Countries (OPEC) and its allies to rethink on their earlier decision to ease supply output beginning from January 2021. Earlier the group had agreed to pump in around 2 million barrels per day (bpd) of oil hoping an improved fuel demand.

The resurgent virus cases have seen increased travel restrictions in Europe and the U.S. The surplus supply of fuel could add up an additional volume of around 1.5 – 3 million barrels per day (bpd) of oil during the first half of the next year if the oil producers club does not extend cuts.

Meanwhile, the surprise rise in the U.S. crude inventories as per the data from the American Petroleum Institute (API) has led to a fall in the oil prices in the global markets. The reports from API showed that the U.S. crude inventories gained by 4.1 million barrels during last week as against the analyst’s expectations of a fall of 2.4 million barrels.

2 December 2020
Petrol Prices Stagnant in Mumbai

The petrol prices remained stagnant in Mumbai following trends in the overseas markets as OPEC + its members are delaying a decision on future crude supply. The petrol rates in Mumbai stood at Rs 89.02 per litre.

In the international platform, Brent stood at $47.73 per barrel; West Texas Intermediate (WTI) at $45.08 per barrel.

Today, the crude prices were broadly stable in the overseas markets as investors waited to see the direction from OPEC regarding the future of global crude supply as producers have postponed the formal meeting of the group to Thursday.

The outbreak of the pandemic crisis has diminished the fuel demand globally, weighing on the crude prices to drop.

Currently, the members of the OPEC have delayed their talks on next year’s crude output policy to Thursday from Today. Sources reveal that the prominent players including Saudi Arabia, are yet to agree on the final decision.

As per the previous agreement, the oil producers club had agreed to pump in over 2 million barrels per day (bpd) of crude to the markets beginning from January 2021 hoping improvement in fuel demand. But the second wave of the pandemic has dashed hopes for the revival of oil demand soon.

The news of the vaccine had helped both the crude contracts to gain 27% during November.

Analysts expect that the crude benchmark – Brent is likely to touch around $43.95 per barrel by next year.

1 December 2020
Petrol Prices Trades Stagnant in Mumbai

The petrol prices stood stagnant in Mumbai despite witnessing a fall of around 1% during today’s trade session in the international markets amidst likely delay in OPEC and members to ease crude supply beginning from January 1, 2021. The petrol rates in Mumbai traded at Rs 89.02 per litre.

In the international scenario, Brent traded at $47.60 per barrel, down by 1.20%; West Texas Intermediate (WTI) at $44.92 per barrel, down by 1.34%.

The crude rates witnessed a strong rally over the last few days is again showing declining trend owing to the possible delay in output supply to the markets by OPEC and its member partners. Earlier, the oil producers club had agreed to pump in around 2 million barrels per day (bpd) of fuel to the markets beginning from January 1, 2021.

But the ongoing second wave of coronavirus has diminished scope of revival of the crude demand globally. The situation has forced the Organization of the Petroleum Exporting (OPEC) and its members to delay their earlier decision to ease supply by either three or six months.

Meanwhile, rising oil supply from Libya part of the OPEC group yet exempt from the supply deal has ramped out output production since early September 2020. The country was facing an internal conflict and led to halt in the oil production beginning from January 2020.

The two days of ongoing OPEC + meeting will also focus on the U.S. shale producers.

30 November 2020
Petrol Prices in Mumbai Gains By 23 Paise

The petrol prices in Mumbai gained again following cues from the global scenario as the fuel prices showed mixed reaction during today’s trade session over growing optimism of likely delay in easing fuel supply. The petrol rates in Mumbai spotted trading at Rs 88.81 per litre in Mumbai, up by 23 paise.

In the international markets, Brent stood at $48.18 per barrel, up by 0.79%; West Texas Intermediate (WTI) at $45.52 per barrel, down by 0.42%.

The oil prices witnessed a mixed results during today’s trade session but were still on course to mark its fourth consecutive weekly gains ahead of the OPEC and its allies meeting.

The encouraging news about the vaccine to cure the pandemic had helped the rally of the oil prices. Both the crude benchmarks gained over 7% over the week. So far, three pharma companies have announced positive clinical trial results aimed to cure the pandemic.

But the results from the AstraZeneca remained unclear as questions are being raised about the company’s claim of vaccine for the world as several scientist sound caution around the clinical trial results.

Meanwhile, sources close to the OPEC reveal that most of the member nations are favoring to delay the easing of crude supply to markets amidst muted fuel demand. The rise in the pandemic cases globally had forced for reimposition of lockdown norms in several places, weighing on the fuel prices to shrink.

29 November 2020
Petrol Prices Marches Up in Mumbai

The petrol prices marched up in Mumbai despite witnessing mixed reaction in the global platform amidst the upcoming OPEC meeting. The petrol rates in Mumbai traded at Rs 88.58 per litre, up by 18 paise as against yesterday’s prices.

In the overseas markets, Brent spotted at $48.00 per barrel, up by 0.42%; West Texas Intermediate (WTI) at $45.27 per barrel, down by 0.96%.

The Organization of the Petroleum Exporting Countries (OPEC) had decided to go for deeper cuts of oil supply, since the outbreak of the pandemic crisis. The decision was arrived to support the fuel prices amidst global lockdown situation.

The oil prices are set for weekly gain ahead of the two days OPEC meeting as it will occur early next week. The crude rates remained on course to record fourth straight weekly rise as optimism over delay in output supply grows, weighing on the fuel prices to scale up.

Post announcement of the encouraging trial results of the potential coronavirus vaccine, both the crude benchmarks have edged up by 7%. But scientist across the globe are questioning the AstraZeneca’s vaccine for the world, over their trial results.

Sources close to the oil producers club have revealed that the OPEC and its member partners including Russia are supporting for the delay in the next year’s increase in output to the tune of 2 million barrels per day (bpd) beginning from January 2021.

27 November 2020
Petrol Prices Hiked in Mumbai

The petrol prices are hiked in Mumbai despite a fall in the overseas crude rates owing to worsening pandemic crisis and oversupply issue. The petrol rates in Mumbai traded at Rs 88.40 per litre, up by 11 paise from yesterday’s price.

In the global scenario, Brent stood at $47.92 per barrel, down by 1.42%; West Texas Intermediate (WTI) at $45.11 per barrel, down by 1.31%.

Both the crude benchmarks slid by over 1% during today’s trade session.

The rally of oil grew on optimism over the development of the vaccine was halted as signs of oversupply shadowed. Over the last two weeks, three pharma companies announced positive trials results of their vaccine to prevent the virus.

The vaccine news had given a new hope of revival of the oil industry weighing on its prices to march. But the signs of an abundant supply of crude to the markets has stalled the rally of crude.

Analyst note that the lockdowns amidst worsening pandemic issues and increased output from Libya and rising number of rigs in the U.S. have combinedly halted the march of oil.

The U.S. President-Elect, Joe Biden has urged citizens to forego large gatherings and to maintain protective social distancing for the upcoming Thanksgiving holiday. Over the last two weeks, the number of cases in America alone has touched 2.3 million.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and its allies are likely to delay their earlier plans to ease supply. The oil producers club had agreed to pump in 2 million barrels per day (bpd) of oil starting from January 2021. Due to the second wave of the pandemic crisis and rampant rise in output from Libya, OPEC's output deal will be delayed by three to six months.

26 November 2020
Petrol Prices Stands Constant in Mumbai

The petrol prices stood consistent in Mumbai despite a gain in the overseas crude rates as the hopes of vaccine to cure the pandemic improves fuel demand outlook. The petrol rates in Mumbai spotted trading at Rs 88.29 per litre.

In the global markets, Brent stood at $48.08 per barrel, up by 0.46%; West Texas Intermediate (WTI) at $45.09 per barrel, up by 0.40%.

The crude prices rose for the fourth straight session today and shrugged off news about the rise in the U.S. crude inventories which gained more than analyst expectations. The confident clinical trials about the vaccine have boosted the fuel demand, weighing on its prices to jump.

So far, three pharma companies including Pfizer, Moderna and AstraZeneca have reported positive trial results for the vaccine aimed to cure the pandemic. The coronavirus crisis has depleted the demand for fuel across the globe due to imposition of lockdowns and travel restrictions.

An analyst from UBS notes that the crude outlook for next year will be bullish and the crude benchmark – Brent is likely to touch $60 per barrel by the end of fiscal 2021.

As per the reports from the American Petroleum Institute (API), the U.S. crude inventories inched up by 3.8 million barrels during the week to November 20 to settle at 490 million barrels.

The OPEC and its partners are likely to continue with the output cuts well into 2021 to support the prices as the lockdowns caused evaporation of the oil demand.

25 November 2020
Petrol Prices in Mumbai Gains

The petrol prices in Mumbai extended gains following trends from the overseas markets as hopes about the vaccine to treat coronavirus has uplifted the mood of the oil markets. The petrol rates in Mumbai spotted trading at Rs 88.29, up by 6 paise.

In the international markets, Brent traded at $46.54 per barrel, up by 1.04%; West Texas Intermediate (WTI) at $43.56 per barrel, up by 1.16%.

The news about the third vaccine to cure the pandemic has uplifted the fuel prices by over 1% during today’s trade session. AstraZeneca in association with Oxford University has announced that its coronavirus shot is 70% effective in trials and could be up to 90% effective. The news from AstraZeneca follows the positive clinical trial results from Pfizer and Moderna.

Both the U.S. crude benchmarks gained about 5% last week.

Meanwhile, the U.S. President – Donald Trump has allowed officials to proceed with a transition to the President-Elect – Joe Biden, supporting the oil to edge during today’s trade session.

As Joe Biden is perceived to be market-friendly, the stock markets rallied up strongly assuming that the consumption will increase again during fiscal 2021.

The possible drop in the U.S. crude inventories during last week has also uplifted the fuel prices to gain during today’s trade session. Though, the official data from the American Petroleum Institute is due to be released later today.

The Organization of the Petroleum Exporting (OPEC) is likely to withhold their earlier plans to pump in more oil to the markets beginning from January 1, 2021, amidst recent lockdowns in Europe and some of the U.S. states.

24 November 2020
Petrol Prices Extends Rally in Mumbai

The petrol prices extended its rally in Mumbai following trends in the overseas markets as coronavirus vaccine news supports revival of fuel demand. The petrol rates in Mumbai stood at Rs 88.23 per litre, up by 7 paise.

In the global platform, Brent recorded at $45.44 per barrel, up by 1.07%; West Texas Intermediate (WTI) at $42.78 per barrel, up by 0.85%.

Today, the news about coronavirus vaccine has helped the fuel prices to extend gains of over 1%. Traders eyed a recovery in oil demand owing to successful coronavirus vaccine trials. A U.S. official noted that the first inoculations of the vaccine could be started in America, within a day or two after securing regulatory approval.

The race for the vaccine development and its aftermath positive news has ushered revival of the oil demand in the coming days, weighing on its prices to scale in the overseas markets.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and its members which are likely to meet on November 30 and December 1 are likely to delay pumping in more fuel to the markets for at least three months beginning from January 2021 supporting the rally of oil.

Earlier OPEC and its members had planned to pump in over 2 billion barrels per day (bpd) of crude to the markets starting from January 2021 hoping for a revival of fuel demand.

But the rampant rise in infections and the subsequent implementation of new lockdown restrictions in the U.S. and Europe has diminished the oil demand further over the last few days.

23 November 2020

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