By Dharmesh Prajapati | March 28, 2026
Mumbai’s financial and consumer landscape is feeling the heat of multiple pressures — rising oil costs, volatile stock markets, and a banking holiday weekend.
Fuel Price Update
Retail petrol prices across India remained largely unchanged on Saturday, March 28. In the national capital, petrol continues to retail at INR 94.77 per litre, while prices in Mumbai held steady at INR 103.54.6 This stability follows a significant policy shift on Thursday, where the Finance Ministry slashed special additional excise duties by INR 10 per litre.6
Stock Market Woes
Stock Market Today: Sensex plunged 1,690 points as Indian equity benchmarks closed lower for the fifth straight week, with Nifty settling at 22,819.6 The Iran war’s economic ripple effects continue to unsettle Dalal Street.
Banking Holiday in Mumbai
Bank customers across India should prepare for a coordinated pause in physical branch operations as Saturday, March 28, is a scheduled bank holiday.20 With the financial year closing on March 31, Mumbaikars are advised to complete all urgent banking tasks by Monday.
Medical News from Mumbai:
The healthcare sector in Mumbai has been active, with the Government of Maharashtra constituting a committee to grant autonomy to medical colleges, while cases of hospital negligence and medical fraud continue to dominate health news in the city.
10. 🇮🇳 NATIONAL
Government Cuts Excise Duty on Petrol & Diesel by ₹10 to Shield Citizens from Iran War Oil Shock; Sensex Crashes 1,690 Points
By Dharmesh Prajapati | March 28, 2026
The Central Government took decisive economic action this week amid the spiralling impact of the Iran war on global oil markets.
The Excise Duty Cut
The Finance Ministry slashed special additional excise duties by INR 10 per litre to offset a dramatic spike in global crude benchmarks caused by the ongoing conflict in West Asia.6
Brent crude futures hover near USD 112 per barrel, up nearly 40 per cent since the onset of hostilities in the Middle East in late February. Disruptions in the Strait of Hormuz have pushed global energy markets into a period of high volatility.6
Finance Minister Nirmala Sitharaman noted on Friday that while many neighbouring nations have seen fuel hikes of 20 per cent to 50 per cent, the Indian government is prioritising price “insulation” for its citizens.6
Noida International Airport Inaugurated
PM Modi inaugurated the Noida International Airport at Jewar, Uttar Pradesh, marking a major milestone for India’s aviation sector.14
Key Legislative Updates from Gujarat
The Gujarat Legislative Assembly passed the Gujarat Educational Institutions Service Tribunal (Amendment) Bill-2026 to ensure speedy justice for university employees.10 Provisions related to terrorist acts have been removed from GUJCTOC to align it with the new criminal laws enacted by the Central Government.