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Petrol Price in Mumbai (24th January 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 ₹ 80.25 (23rd January 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.

Jan 23, 2020
₹ 80.25 /Ltr ( ₹ -0.17 )

Last 10 Days Petrol Rate in Mumbai

Date Price Price Change
Jan 22, 2020 ₹ 80.42 ₹ 0.00
Jan 21, 2020 ₹ 80.42 ₹ -0.16
Jan 20, 2020 ₹ 80.58 ₹ -0.10
Jan 19, 2020 ₹ 80.68 ₹ -0.17
Jan 18, 2020 ₹ 80.85 ₹ -0.15
Jan 17, 2020 ₹ 81.00 ₹ -0.14
Jan 16, 2020 ₹ 81.14 ₹ -0.15
Jan 15, 2020 ₹ 81.29 ₹ 0.00
Jan 14, 2020 ₹ 81.29 ₹ -0.10
Jan 13, 2020 ₹ 81.39 ₹ -0.10

Daily & Monthly Petrol Price in Mumbai : Graphical Representation

Historical Petrol Price in Mumbai

  • Trend of Petrol Rate in Mumbai, January 2020
  • Petrol Price
    1st January Rs.80.79
    31st January Rs.80.25
    Highest rate in January Rs.81.60 on January 11th
    Lowest Rate in January Rs.80.25 on January 23rd
    Over all performance Falling
    % Change -0.67%
  • Trend of Petrol Rate in Mumbai, December 2019
  • Trend of Petrol Rate in Mumbai, November 2019
  • Trend of Petrol Rate in Mumbai, October 2019
  • Trend of Petrol Rate in Mumbai, September 2019
  • Trend of Petrol Rate in Mumbai, August 2019
  • Trend of Petrol Rate in Mumbai, July 2019

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 Rates in Mumbai Slips Slightly

The petrol prices in Mumbai slipped slightly following cues from the overseas markets amidst an unexpected rise in the crude production in the United States of America.

The petrol rates in Mumbai was spotted trading at Rs 80.25 per litre, down by 17 paise.

In the global platform, Brent was seen trading at $62.16 per barrel, down by 1.66% and West Texas Intermediate (WTI) was at $55.65 per barrel, down by 1.92%.

The sudden rise in the crude output in the U.S. followed by the surge in the crude stocks for over a week has led to the fall in the global crude prices by over 1% during today’s trade session. The crude stock inventories in the United States of America rallied up by 1.6 million barrels during the week to January 17 to touch 433 million barrels as against the analyst's expectations of oil production of 1 million barrels.

The crude output stocks at the Cushing, Oklahoma, delivery hub dipped by 429,000 barrels. The data further revealed that the U.S. crude imports declined by 20,000 barrels per day last week.

The rise in the crude output has eased the supply factor which has weighed on its prices during today’s trade session.

Meanwhile, the Indian rupee opened marginally lower at 71.21 per dollar during today’s trade session.

23 January 2020
Petrol Rates Stays Afloat in Mumbai

The petrol price in Mumbai stayed afloat despite a fall in global crude rates amidst easing tensions on crude supply following abundant supply of oil. The petrol rates in Mumbai were seen trading at Rs 80.42 per litre.

In the international markets, Brent was seen trading at $64.31 per barrel, down by 0.43% and West Texas Intermediate (WTI) was at $58.05 per barrel, down by 0.57%.

The International Energy Agency’s (IEA) forecast of a market surplus in crude supply for the first half of 2020 has helped to erase concerns surrounding disruption in the fuel inventory as Libya has slashed its crude output in two of its oil facilities following a political dispute in the country. Fatih Birol, the head of IEA announced that he expects the markets to be in surplus by a million barrels per day (bpd) for the first half of fiscal 2020.

The National Oil Corp of Libya has declared a force majeure on the loading of crude from two of the major oil fields following the latest development in the long-running military conflict. Until and unless the oil facilities quickly get back to production, the country’s oil production will come down to 72,000 barrels per day (bpd) from 1.2 million bpd.

The U.S. Energy Information Administration (EIA) said that the U.S. crude production in large shale deposits is expected to hit a record high during February, though the pace of expansion is likely to be the lowest in about a year.

22 January 2020
Petrol Rates in Mumbai Depreciates

The petrol prices in Mumbai depreciated following cues from the global markets as concerns over the fuel supply eased cooling down oil rates in the international scenario. The petrol rates in Mumbai today traded at Rs 80.42 per litre, down by 16 paise.

In the international markets, Brent was seen trading at $64.65 per barrel, down by 0.84% and West Texas Intermediate (WTI) was at $58.24 per barrel, down by 0.58%.

On Sunday, two major oilfields in Libya begun a shutdown owing to political tensions in the nation which resulted in reducing the crude production to a fraction of its usual level said the country’s National Oil Corp (NOC). But yesterday, the National Oil Corp (NOC) has declared force majeure which means waiver on contractual obligations on crude loading from Libya’s El Feel and El Sharara which are located in the southwestern region.

Any kind of supply disruptions of oil will directly impact its prices in the global markets as most of the developing nations depend on oil imports to meet their domestic requirements.

In Iraq, the anti-government protest has also supported the fuel prices to inch up in the global markets. The OPEC’s decision to go in for a deeper crude supply cuts in the international markets has also impacted on the oil prices.

Meanwhile, the rupee value was seen trading at 71.19 against the U.S. dollar during today’s trading session.

21 January 2020
Petrol Prices Dips Slightly in Mumbai

The petrol prices in Mumbai dipped slightly despite edging of crude rates in the global markets as crude supply from Libya shuts down following internal conflicts. The petrol rates in Mumbai stood at Rs 80.58 per litre, down by 10 paise.

In the global platform, the crude benchmark – Brent was seen trading at $65.65 per barrel, up by 1.23% and West Texas Intermediate (WTI) was seen trading at $59.20 per barrel, up by 1.06%.

The ongoing internal conflict in Libya took a new turn as the forces which are loyal to the National Army closed a pipeline. In a long-running conflict in the region, the two rival forces of the nation have claimed their respective right to rule the country for more than five years. In a statement issued by the National Oil Corporation (NOC), two big oilfields which are situated in the southwest of Libya had begun to shut down, blocking its crude production.

So far Libya is known to produce an oil output of 1.2 million barrels per day (bpd) till recently.

The decline in crude supply to the oil markets comes in at a time when the OPEC and its member group has already put in place its decision to trim down oil production to the tune of 1.7 million bpd beginning from January 1, 2020.

Meanwhile, the rupee value traded flat at 71.08 per U.S. dollar owing to selling seen in the domestic stock markets.

20 January 2020
Petrol Rates Trimmed in Mumbai

The petrol rates in Mumbai were trimmed following weak crude outlook data as China recently reported sluggish economic growth data for 2019. The petrol prices in Mumbai was recorded at Rs 80.85, down by 15 paise.

In the global platform, Brent futures were seen at $64.85 per barrel and West Texas Intermediate (WTI) futures was at $58.54 per barrel.

The slow growth of Beijing’s economy has indeed left a question mark on the future of crude demand despite the recent signing of the trade settlement agreement between the United States of America and China, this Wednesday. 

As per the government reports, the Chinese economy expanded by 6.1% for fiscal 2019, which marks its slowest growth so far for over 29 years. 

China is considered as the biggest consumer of fuel in the globe. The settlement of trade dispute had renewed hopes of upliftment of crude demand which had witnessed a contraction for over 18 long months owing to an ugly trade war which wounded global financial markets, creating fear amongst investors community. 

Despite weak economic growth, the surge in the fuel demand in Beijing as seen in the refinery throughput figures has helped to keep the hopes alive on the rise in the outlook for crude demand in the coming months.

18 January 2020
Petrol Prices Depreciates in Mumbai Amidst Week Crude Outlook for 2020

The petrol prices in Mumbai depreciated following global trends as China reports weak economic data which is likely to impact crude demand shortly. The petrol rates in Mumbai was seen trading at Rs 81.00 per litre, down by 14 paise.

In the international markets, Brent was seen trading at $64.61 per barrel, down by 0.02% and West Texas Intermediate (WTI) was at $58.49 per barrel, down by 0.05%.

The fuel prices shot up recently after the U.S. and China inked on the much-awaited trade deal which will settle the prolonged trade dispute between the two major economies. Despite this, the release of economic data by the government source in Beijing which showed improved economic growth of 6% for the fourth quarter of 2019 and 6.1% for the full year 2019 has dampened the demand factor for oil.

The full-year economic expansion of China for fiscal 2019 is the slowest growth in the past 29 years, as per the government data. The sluggish growth factor is likely to impact on the demand for crude and this has led to the fall in fuel prices during today’s trade session.

Apart from this, the International Energy Agency (IEA) has offered a dim view of the fuel markets outlook for fiscal 2020. The agency has forecasted that the crude supply will exceed the demand for crude from the OPEC member group even though the members are fully compliant in their agreement with Russia and other members to restrain output.

17 January 2020
Petrol Rates in Mumbai Trimmed Marginally Amidst Drop in U.S. Crude Inventories

The petrol prices in Mumbai were cut slightly despite the rise in the crude rates in the global markets after the U.S. and China signed the trade settlement agreement, yesterday. The petrol rates in Mumbai was spotted trading at Rs 81.14 per litre, down by 15 paise.

In the global scenario, the crude benchmark – Brent was seen trading at $64.50 per barrel, up by 0.76% and West Texas Intermediate (WTI) was at $58.27 per barrel, up by 0.80%.

Finally, the U.S. and Beijing signed the trade deal which has bought in the much-required peace amongst the two major economies which battled toughly for over 18 – long months in a row. The trade battle roiled the global financial markets and forced the major central banks to trim down interest rates to bring instability for the ailing economy.

The surprise fall in the U.S. crude inventories also weighed on fuel prices during today’s trade session. As per the official reports from the Energy Information Administration (EIA), the U.S. oil inventories declined sharply by 2.5 million barrels as against the analyst’s expectations of a fall of 500,000 barrels.

The agency further reported that the U.S. crude production rose to hit a record 13 million barrels per day.

Meanwhile, the domestic Indian rupee opened a bit higher at 70.79 against the U.S. dollar compared to its previous close of 70.82 owing to the signing of the trade agreement which is expected to push for the global economic growth.

16 January 2020
Petrol Rates in Mumbai Dips Marginally

The petrol prices in Mumbai dipped marginally despite growth in global oil prices as optimism over trade deal builds up supporting fuel prices to gain. The petrol rates in Mumbai today was recorded at Rs 81.29 per litre, down by 10 paise.

In the global platform, Brent was trading at $64.28 per barrel, up by 0.12% and West Texas Intermediate (WTI) was at $58.11 per barrel, up by 0.05%.

The signing of the much-awaited Phase One trade deal between the U.S. and China has supported the oil prices. The move to settle the dispute marks a major step to end the feud which has cut the global growth and diminished the demand for fuel.

On the other hand, China’s crude oil imports during fiscal 2019 improved by nearly 10 per cent as against its previous year’s close owing to growth in demand from new mega refineries as per the customs data.

Analyst’s note that the deal between the U.S. and China will improve the demand factor for fuel in the global markets. The easing tensions between the U.S. and Iran after the recent discord has also weighed on crude rates in the international markets.

Meanwhile, the rupee value opened higher at 70.73, up by 13 paise against the U.S. dollar today after some selling in American currency by exporters and banks.

14 January 2020
Petrol Prices Dips Marginally in Mumbai

The petrol prices in Mumbai dipped marginally following cues from the overseas markets as tensions in the Middle East region wanes softening fuel prices to decline. The petrol rates in Mumbai today was recorded at Rs 81.39 per litre, down by 10 paise.

In the global platform, Brent was seen trading at $65.04 per barrel and West Texas Intermediate (WTI) was at $59.15 per barrel.

The receding strain between the U.S. and Iran over the recent conflict which resulted in the death of Iran’s military commander and subsequent retaliation by Tehran’s military forces targeting U.S. forces located at Iraq’s airbase had promoted the fuel prices to hit a record high. But currently, the restraint followed by both the nations has relieved the oil prices to calm down.

The investor's focus has now shifted towards the signing of a trade settlement deal between the U.S. and China to end the ugly tit for tat trade tariff battle which went of for 18 long months disrupting the global economic growth. The move has weighed on oil prices in the global market limiting its losses, during today’s trade session.

Analysts believe that the settlement of the trade deal will advance the demand for oil globally. Both the countries are up to sign the deal this Wednesday in Washington.

Meanwhile, the rupee continued to strengthen against the dollar and opened at 70.79 today as against the previous close of 70.94.

13 January 2020
Petrol Prices in Mumbai Inches Up

The petrol prices in Mumbai inched up slightly despite witnessing a slump in the overseas markets after heightened strain between the U.S. and Iran calms down. The petrol rates in Mumbai today was recorded at Rs 81.60 per litre, up by 5 paise.

In the international markets, the crude benchmark – Brent slipped to touch $64.98 per barrel, down by 0.60% and West Texas Intermediate (WTI) was at $59.04 per barrel, down by 0.87%.

Yesterday, the crude prices fell below $65 per barrel its first weekly loss since last November erasing the earlier gains accumulated since the U.S. drone strike which killed a top Iranian general as investors are focused on rising U.S. inventories and smooth supply of global fuel.

Markets are still looking out for long term risks of conflict as rates gained marginally after the U.S. imposed sanctions on Iran in retaliation for its missile attack on its military forces in Iraq.

While launching missiles, one of it has accidental hit Ukraine bound passenger plane killing everyone on board. Iran has admitted that its national armed forces had targeted the passenger plane unintentionally.

Meanwhile, the smooth supply of oil in the global markets has helped its prices to decline in the overseas markets.

11 January 2020

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