Petrol Price in India
Indian consumers woke up to another sharp increase at the fuel pumps . State-run Oil Marketing Companies (OMCs) have revised retail fuel rates upward for the third time in just eight days, passing on an average hike of 90 paise per litre across the country.
Today petrol price in India (Mumbai) stands at 113.51 per liter. This change in petrol price compared to yesterday.
India’s petrol prices are influenced by a combination of international crude oil prices, domestic tax structures, and currency exchange rates. According to the latest data, the price of petrol in India is significantly higher than in some of its neighboring countries. The discrepancy can be attributed primarily to the higher taxes imposed on petrol in India.
Petrol price in India metro cities
Fuel prices vary significantly across different states due to local Value Added Tax (VAT), freight charges, and local rates. Below is the official retail price breakdown for petrol and diesel across the major metro hubs following today’s early morning revision:
| City | Petrol Price (₹/Litre) | Price Change | Diesel Price (₹/Litre) | Price Change |
| New Delhi | ₹102.12 | +₹0.87 | ₹92.49 | +₹0.91 |
| Mumbai | ₹111.18 | +₹0.90 | ₹95.02 | +₹0.94 |
| Kolkata | ₹113.51 | +₹0.94 | ₹97.02 | +₹0.95 |
| Chennai | ₹107.77 | +₹0.82 | ₹96.98 | +₹0.87 |
| Bengaluru | ₹108.09 | +₹0.95 | ₹95.99 | +₹0.95 |
Note on Alternative Fuels: Alongside petrol and diesel, Compressed Natural Gas (CNG) prices were also hiked by ₹1 per kg today, bringing the retail cost of CNG in the National Capital Territory (NCT) of Delhi to ₹81.09 per kg.
Global Crude Oil Prices: The $100 Barrier Broken
The primary catalyst for the domestic price spike is the volatile international oil market. Global benchmark Brent Crude is currently trading firmly above the psychological barrier, settling at approximately $103.54 per barrel. Concurrently, West Texas Intermediate (WTI) is hovering tightly behind at $96.60 per barrel.
India’s specific crude oil import basket has felt the brunt of this shift, averaging between $107.96 and $114 per barrel this month. Because India relies heavily on foreign oil—importing nearly 85% to 90% of its total crude requirements—any sustained increase in international benchmarks directly compromises domestic retail stability.
Key Factors Causing Today’s Price Fluctuations
The recent, rapid changes in your local petrol station’s billboard numbers are driven by a mix of international geopolitics and domestic economic pressures:
1. The West Asia Conflict & Shipping Bottlenecks
Escalating geopolitical friction in West Asia remains the leading cause of supply panic. Ongoing disruptions and security threats surrounding major maritime shipping chokepoints—most notably the Strait of Hormuz—have forced oil tankers onto longer, more expensive alternative routes, driving up insurance and transport costs globally.
2. Global Supply Deficits
Major global financial institutions, including Barclays, note that global oil inventories are running at a substantial 6 to 8 million barrels per day deficit. With U.S. and global commercial stockpiles sitting near their tightest levels since 2020, supply cannot keep pace with resilient international energy demand.
3. Domestic “Under-Recoveries” by OMCs
State-run fuel retailers (IOCL, BPCL, and HPCL) absorbed heavy losses for nearly two years to keep fuel prices frozen for the Indian public. However, with cumulative under-recoveries ballooning and OMCs reportedly losing considerable margins daily, a gradual pass-through of costs to the consumer became inevitable to safeguard the financial health of the energy sector.
4. Weakening of the Indian Rupee
Because crude oil is traded globally in U.S. Dollars ($), a fluctuating USD-to-INR exchange rate heavily influences import bills. The rupee’s ongoing pressure against a strong dollar means Indian oil companies must spend more local currency to acquire the same volume of oil, further compounding local retail costs.
Conclusion
Today’s 90-paise hike signals that the era of frozen, subsidized fuel prices in India has temporarily paused in the face of macroeconomic realities. With Brent crude comfortably occupying the $100–$105 range and shipping channels compromised, market experts suggest that the central government and OMCs will continue using moderate, incremental daily or weekly hikes to close the pricing gap without delivering a single, catastrophic shock to the economy.
FAQ’s
What is the current petrol price in India Mumbai?
Today, the petrol price in India Mumbai is 111.18 per litre