Base Oil Price (N70) in Mumbai

Asian base oil prices stayed stable to slightly softer, with heavy grades under the most pressure due to oversupply and muted buying interest. Weak lubricant demand from automotive and industrial sectors, combined with abundant inventories and year-end destocking, continued to suppress spot activity. Despite refinery restarts and ongoing shipments, the overall sentiment remained weak as buyers expected further declines.

India’s bitumen prices stayed resilient in late October 2025 amid high freight costs, currency weakness, and supply-chain tightness. Post-festive construction demand is gradually recovering, though import dependency and global uncertainty persist. The market outlook remains firm-to-steady with mild upward potential through the remainder of the fiscal year.

Domestic oil products traded mixed, with FO at ₹47,540–48,607/MT and LDO at ₹58,300–60,890/KL. Demand is recovering post-monsoon, while Chennai Petroleum’s maintenance may tighten supply. Internationally, Brent rose to $68.47/bbl on supply concerns. Expanding global base oil output and new imports into India could restrain future price gains.

The base oils market stayed mostly steady to soft, with Group I pressured by excess Iranian and Chinese supply. Group II remained capped by weak crude and feedstock values, while Group III stayed broadly stable, though 4 cSt and 8 cSt showed localized weakness. Buyers continued cautious, need-based procurement.

Russian Urals crude maintains a strong pricing edge over Saudi grades, reshaping Asian trade flows. China and India increase reliance on discounted Russian barrels, while U.S. tariffs on Indian imports raise geopolitical tension. Saudi Aramco adjusts supplies to defend market share. Competitive pricing and politics drive short-term crude market trends.

Crude oil and bitumen prices softened amid weak demand and rising stockpiles, especially in the U.S. Trade tensions and geopolitical uncertainties added further downward pressure. Bitumen prices in Europe dipped slightly, while Bahrain held steady. Markets remain volatile, with investor sentiment cautious ahead of further trade and policy developments.

India's oil market remains tight as refiners rush to replace Russian crude amid geopolitical tensions and Western scrutiny. Brent and WTI prices remain steady, but Indian bitumen prices vary across grades and locations. Urgent tenders and sourcing shifts point to rising procurement costs and heightened volatility in global energy markets.

Bitumen and base oil prices showed mixed regional trends, with sharp drops in VG40 and firm furnace oil rates. Crude oil markets strengthened on falling U.S. inventories and Russian export cuts. Despite temporary supply easing from Venezuela, global prices are expected to remain firm, supported by supply constraints and geopolitical developments.

Base oil prices across Asia remained stable to firm in mid-July, supported by constrained supply and rising crude benchmarks. Group I and III grades saw the most pressure. Demand stayed weak due to monsoon impact and soft industrial activity, while refinery turnarounds kept supply tight. Outlook remains firm for key grades.