According to officials, the fire broke out at two fuel storage tanks.
Fire-fighting operations are still on and no casualties had been reported so far.
According to port officials, the fire broke out around 5 in the evening at tank number 13 and 14, which have storage capacity of around 10 to 15 lakh litres each.
The fire is visible from the Gateway of India in Mumbai which is around 8km away.
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.