- mumbai
Petrol Rate Today in Mumbai
₹103.44
LIVE0.00 (0.00%)
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Factors influencing petrol prices in Mumbai
Petrol prices in any city or region are majorly influenced by a number of related factors. Some of these factors are:
Global Crude Oil Prices:The international price of crude oil is the major determinant of petrol prices in Mumbai. India depends on imports for nearly 80% of the total consumption and thus is highly vulnerable to changes in world oil prices. Global oil prices are determined through considerations of supply and demand besides geopolitical factors and production-related decisions by oil-exporting countries. This implies that any disruption in supply chains or changes in the level of production by OPEC can alter the prices of this commodity in Mumbai.
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Taxes and Government Policies:The price of Petrol in Mumbai is determined by various taxes imposed on them by the central and state government. They can make up to 50% to 54% of the retail price. The Central government implements an excise duty while state governments charge a Value Added Tax or VAT. As VAT varies between states, it can lead to large disparities between the regional prices of petrol.
Exchange Rate:The price of the Indian rupee against the US dollar also influences the prices of petrol. Crude oil transactions are usually performed in dollars. Which is why, any fall of the rupee automatically makes the import of oil very costly. This in turn, raises the price of petrol in Mumbai.
Supply and Demand Dynamics:These may include factors such as seasonal change, economic activity, and consumer behaviour. For instance, demands tend to surge during festive seasons or holidays. These cause seasonal rises in prices. On the other hand, during crises or economic downturns- for instance, the COVID-19 pandemic-demand may fall and consequently decrease the price.
Transportation and Distribution Costs:Other factors that determine the final price include the cost of transporting petrol from refineries to retail outlets. The cost structure could also vary further based on transportation charges and road conditions and accessibility in any particular region.
Government policies and their impact on petrol prices in Mumbai
Various government policies can influence petrol prices in Mumbaiin the following ways:
Taxation Structure:The imposition of taxes by both the central and the state government greatly influences the price of petrol in Mumbai. The central government imposes an excise duty that is uniform throughout the country. This currently stands at ₹19.90 per litre for petrol. Apart from these, State governments also implement their own VAT, which again changes based on each state's territorial background. This goes from 35.20% in Telangana to 14.55% in Puducherry. Aggregated together, both of these account for ~55% of Petrol's retail price.
Deregulation and Daily Price Revision:The Indian government decontrolled the prices of petrol in 2010, and since then, Oil marketing companies are free to determine the price structure based on international crude oil prices. With a view to providing daily revised prices based on global oil prices, change in currency value, and local demand, petrol prices will change every day in the city of Mumbai. PPAC works under the Ministry of Petroleum and Natural Gas as an independent body to regulate such changes with a view to uniformity according to market dynamics.
Interventions by the Government:The government influences in pricing of the petrol through tax cuts or subsidies. For instance, it may cut excise duties when global oil prices rise up to ease the load on the consumer. But such measures are usually short-term and surges in global oil prices, as have been happening during geopolitical tensions, can still undo its impact.
These policies have a direct effect on consumers, more so during periods of economic stress. High prices of petrol translate into higher costs of transportation and, therefore, into the increased cost of goods and services. The government can thereafter exhort the states to cut VAT. However, VAT is a major source of revenue for the state government. Which is why it comes under the realm of political decision making even though it largely affects the public and economic stability.
Petrol rate in Mumbai today vs yesterday (1 Litre)
| Litre | State | City | Today | Yesterday |
|---|
| 1 litre | Maharashtra | Mumbai | 103.44 0.00% | 103.44 0.00% |
Petrol rate in Mumbai today vs yesterday (1 Litre)
StateMaharashtra
CityMumbai
Petrol Price Today / 1 Litre
₹103.44
0.00%
Petrol Price Yesterday / 1 Litre
₹103.44
0.00%
Impact of GST on petrol prices in Mumbai
The introduction of Goods and Service Tax might bring a change in the petrol prices in Mumbai. Since petrol is currently outside the ambit of the GST and if it gets included, then the following changes can be observed in the pricing mechanism of petrol:
Uniform Tax Structure: If petrol is brought under the ambit of GST, then there will be only one single taxation system throughout the country instead of different taxes levied by each state. This might bring down the price of petrol for common people in some states.
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Simplified Taxation:A simpler taxation will surely reduce compliance costs and cut administrative bonding, probably fetching better prices for consumers on several commodities.
Lessening of the Tax Burden:The inclusion of petrol in the GST would decrease the overall burden of taxes, thereby making it cheaper to buy petrol in Mumbai.
Transparency:Petrol falling under GST would introduce complete transparency about the pricing , thus helping the consumer understand exactly what constitutes taxation elements therein.
Help to Economy:The decrease in the price of petrol may bring down the cost of transport, benefiting other industries also, thereby increasing the growth of the economy.
But, bringing petrol under GST requires the consent of all states, as it is one of the major sources of revenue for the states. There has been opposition from several states, lest they face losses of revenue arising out of it. So, it is a tricky policy call.
How to save on petrol costs in Mumbai
You can follow a few measures that would help you save on the overall
expenditure you make to buy petrol. Considering the growing prices of
petrol in Mumbai, some of these include:
Taxation Structure:The imposition of taxes by both the central and the state government greatly influences the price of petrol in Mumbai. The central government imposes an excise duty that is uniform throughout the country. This currently stands at ₹19.90 per litre for petrol. Apart from these, State governments also implement their own VAT, which again changes based on each state's territorial background. This goes from 35.20% in Telangana to 14.55% in Puducherry. Aggregated together, both of these account for ~55% of Petrol's retail price.
Deregulation and Daily Price Revision:The Indian government decontrolled the prices of petrol in 2010, and since then, Oil marketing companies are free to determine the price structure based on international crude oil prices. With a view to providing daily revised prices based on global oil prices, change in currency value, and local demand, petrol prices will change every day in the city of Mumbai. PPAC works under the Ministry of Petroleum and Natural Gas as an independent body to regulate such changes with a view to uniformity according to market dynamics.
Interventions by the Government:The government influences in pricing of the petrol through tax cuts or subsidies. For instance, it may cut excise duties when global oil prices rise up to ease the load on the consumer. But such measures are usually short-term and surges in global oil prices, as have been happening during geopolitical tensions, can still undo its impact.
The prices of petrol in Mumbai are governed by different factors, such as global oil prices and their respective local taxes. Though the above-mentioned factors are not in the hands of a consumer, following these strategies will help you manage your fuel expenditure more effectively.
Historical Petrol Rate
| Term | Petrol Rates (1 litre) |
|---|
| 10 days | ₹103.44 |
| 20 days | ₹103.44 |
| 30 days | ₹103.44 |
Petrol Rate Analysis
| Petrol Rate (1 Litre) | Petrol Price |
|---|
Petrol Rates Over Last 10 Days
| Date | Petrol Rates (1 litre) |
|---|
| 13 Nov 2024 | ₹103.44 0.00% |
| 12 Nov 2024 | ₹103.44 0.00% |
| 11 Nov 2024 | ₹103.44 0.00% |
| 10 Nov 2024 | ₹103.44 0.00% |
| 9 Nov 2024 | ₹103.44 0.00% |
| 8 Nov 2024 | ₹103.44 0.00% |
| 7 Nov 2024 | ₹103.44 0.00% |
| 6 Nov 2024 | ₹103.44 0.00% |
| 5 Nov 2024 | ₹103.44 0.00% |
| 4 Nov 2024 | ₹103.44 0.00% |
Petrol Rates in Major Cities
Petrol Rates in States
| State | Petrol Rates (1 litre) |
|---|
| Andaman And Nicobar | ₹82.46 0.00% |
| Andhra Pradesh | ₹108.45 0.00% |
| Arunachal Pradesh | ₹91.09 0.47% |
| Assam | ₹98.19 0.00% |
| Bihar | ₹105.58 0.16% |
| Chandigarh | ₹94.30 0.00% |
| Chhatisgarh | ₹100.49 0.10% |
| Dadra And Nagar Haveli | ₹92.56 -0.01% |
| Daman And Diu | ₹92.37 0.00% |
| Delhi | ₹94.77 0.00% |
| Goa | ₹97.30 0.61% |
Frequently Asked Questions
What is the petrol price in Mumbai today?
Petrol price in the Mumbai today is 103.44
How often do petrol prices change in Mumbai?
Prices of petrol in Mumbai are fixed by the oil marketing companies like Indian Oil, Bharat Petroleum, and Hindustan Petroleum. They change it every day at 6 am in accordance with international crude oil rates, variations in foreign exchange, and many other different taxes laid by the Central and state governments. This is known as dynamic pricing policy followed since June 2017.
How can I find the cheapest petrol station in Mumbai?
To locate the least expensive filling stations in the city of Mumbai, there is PetrolPrices.com for real-time petrol prices based on location, among other fuel price comparison apps. You may also look for online price trackers on websites like CarDekho or Economic Times. Information is also shared by local supermarkets in addition to community groups on social media for the cheapest petrol options available in Mumbai.
Are petrol prices the same across all areas in Mumbai?
No, petrol prices do not remain the same in all areas within Mumbai. Transport costs and the commission of the dealer contribute to price variations between different petrol stations in the same city and thus, prices at retail vary accordingly.
Who fixes petrol prices in Mumbai?
Prices of petrol in the city are determined largely by oil marketing companies, i.e., Indian Oil, Bharat Petroleum, and Hindustan Petroleum. After the deregulation of fuel prices in 2010, the fuel companies update petrol price daily considering multiple factors that include the international price of crude oil, currency exchange rate, and other local taxes such as excise duty and state VAT levied by the government.
Who revises petrol rates in Mumbai on a regular basis ?
The prices of petrol in Mumbai adjust each day at 6 am, governed by oil marketing companies like Indian Oil, Bharat Petroleum, and Hindustan Petroleum. They perform this adjustment based on International Crude Oil Price, Currencies Exchange Rate, and Local Taxes. The coordination further goes to the Petroleum Planning and Analysis Cell under the responsibility to ensure that the prices are relevant in regard to the current market and costs.
Is VAT included in the price of petrol in Mumbai?
Yes, VAT is included in the petrol prices in Mumbai. This VAT is levied in quite substantial amounts by state governments and shows large variation across states,. For instance, Delhi charges about 19.40% VAT on petrol while Telangana charges 35.20%. This is the reason for variation in petrol prices across the country.