Petrol Price in Pakistan Today | Current Petroleum Prices | Fuel Prices | PakWheels (2024)

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CurrentPetrol Price in Pakistan is Rs. 258.16/Ltr, High Speed Diesel is Rs. 267.89/Ltr and Light Speed Diesel is Rs 166.86/Ltr.

Petroleum Prices in Pakistan Today

Prices w.e.f 15-June-2024

Types of Petroleum in Pakistan

Petroleum, commonly called crude oil, is a naturally existing liquid beneath the Earth's surface. It originates from the gradual decomposition of organic matter over an extended period. This fossil fuel is important as it undergoes refinement processes in specialized refineries. Moreover, some common types of petroleum are as follows:

1. Petrol (Super)
2. High-speed diesel
3. Light-speed diesel
4. Kerosene
5. Liquified petroleum gas (LPG)
6. Compressed Natural gas (CNG)

Let’s delve into the updated prices of these different types of petroleum. Each type will provide the latest price to the consumers.

Petrol (Super) Price in Pakistan

This kind of petrol is also known as super with a higher octane rating that provides excellent engine performance. It is significantly used in bikes and cars. The petrol price in Pakistan is PKR 258.16according to the latest updates.

High Speed Diesel Price in Pakistan

High-speed diesel usually powers commercial vehicles and enables them to pass 7500 RPMs. It is the ideal choice for heavy-duty cars, trucks, and buses. Additionally, the price of high-speed diesel in Pakistan is PKR 267.89, according to the latest updates.

Light Speed Diesel Price in Pakistan

Light speed diesel prices in Pakistan usually operate medium-sized vehicles. These vehicles typically need more power than personalized used vehicles. The light-speed diesel price in Pakistan is Rs.166.86.

Kerosene Oil Price in Pakistan

Kerosene oil holds great demand in petroleum industries across Pakistan. It usually imparts power to small machines and equipment. The kerosene oil price in Pakistan is PKR 186.86.

LPG Price in Pakistan

Pakistan imports Liquefied Natural Gas (LNG), and Liquefied Petroleum Gas (LPG) is derived from this source. LPG serves dual purposes in Pakistan. It is being used both as a vehicle fuel. However, it also meets the household requirements for natural gas. The liquid petroleum price in Pakistan is RS 254.86 per kg, effective December 1, 2023.

Compressed Natural Gas (CNG)

Compressed Natural Gas (CNG) is a clean-burning alternative fuel derived from natural gas, primarily composed of methane. It undergoes compression to reduce its volume for storage and transportation. It typically can reach pressures of 3,000 to 3,600 psi. CNG is cheaper than diesel fuel.

High Octane Price in Pakistan

Among the highest petrol prices in the world, Pakistan's high octane petrol commands a significant price due to its superior quality and performance benefits.

Note: OGRA does not control Hi-Octane petrol prices in Pakistan. Thus, Hi-Octane prices vary across different Petrol Pumps.

Highest Petrol Rate in Pakistan

The highest petrol price in Pakistan's history was Rs 331.38 per liter on September 16, 2023. However, it also occasionally looms around the 230 mark whenever petroleum products are in high demand globally, as is the case these days.

Euro Fuel Emission Standards in Pakistan

Pakistan has officially adopted the Euro V emission standards to improve the engine performance of our vehicles. This also helps create a greener environment for Pakistan's future generations.

Previously, Pakistan adopted the Euro II Emission Standards in 2012, when Euro II was already outdated. Now, Pakistan has skipped Euro III and Euro IV to adopt Euro V standards in 2020 which was introduced in 2009 in other countries. Many countries have been following Euro VI Emission Standards since 2014 and would switch to Euro VII, which is expected around 2025.

Petrol Price - 2018 and Beyond

Based on the value of the Rupee in the international market, the oil prices also fluctuate. Since 2018, due to the devaluation of the Rupee, oil prices in the global market have also increased in Pakistan.

In 2021, the government of Pakistan tried to regulate petrol prices in the country by decreasing the tax margin. Although effective, the strategy was a short-term solution. Issues like this are common for developing countries like Pakistan that highly rely on imported oil. This leads to inflation in the oil prices and makes it difficult for consumers to buy petrol.

The Oil and Gas Regulatory Authority (OGRA) controls the petrol rates in Pakistan. OGRA has a practice of revising all fuel prices twice a month. The new prices are announced on the 15th and the last day of each month and usually remain in effect for the next 15 days.

Historical Background of Petrol Rate

During 1990, people used only fuels in their cars due to the later evolution of CNG. The people considered it easy to top up their cars with fuel. However, the cost of petrol has been constantly rising since then. During the regime of Zardari, petrol prices were at their peak. The prices were considerably low at the end of the Nawaz Sharif regime. Due to the interim constitution, the government became unstable.

Furthermore, the prices of petrol remained constant since that time. The Oil and Regulatory Gas Authority (OGRA) sets oil prices today and in the future. The petrol price in Pakistan can vary depending upon several factors. It includes the economic condition of the country, geopolitical factors, and government policies. However, you can check it here on PakWheels.

Reasons Behind Petrol Price Increase

Petroleum prices significantly increase or decrease. This is one of the major concerns for consumers and the country's economy. The rate of petrol fluctuates with the increase and decrease of petroleum prices internationally.

In Pakistan, there are many reasons for the demand for gasoline, such as transportation, energy production, and economic growth. Gasoline is a source of revenue in Pakistan for taxes applied to it. On the contrary, there are many reasons for the increase in the price of petrol. These are as follows.

International Crude oil prices

The international crude oil cost is one significant factor behind the hike in petrol prices. Other factors influence them, such as economic conditions and the supply and demand for goods.

Exchange Rates

Exchange rates also impact the price of petrol, as the cost of crude oil is measured in US dollars. The demand for local currency in relation to the US dollars is directly proportional to the demand for local currency. If the local currency depreciates, then the petrol price will automatically increase.

Taxes

The government imposes taxes on petrol rates to increase overall revenue. However, the rates of taxes vary from country to country.

Refining Cost

The refining cost of converting crude oil into petroleum is another factor contributing to the increase in petrol prices.

Distribution Cost

The distance between the retail source and the refining company directly affects the fuel price. The cost of petrol transportation is another major factor.

Can Petrol Prices Be Controlled?

Controlling petrol prices is challenging due to certain global factors, including crude oil prices. The Pakistani government can help by offering subsidies and making adjustments to the imposition of taxes and levies. They should also stabilize the import of petroleum by reserving it.

Organization of Petroleum Exporting Countries (OPEC) can manage the supply of petroleum with advancements in oil extraction and refining, which can reduce its overall costs. However, complete control is not possible.

How Do Petrol Prices Affect The Economy?

Petrol Prices can impact the overall economy. They also affect consumer usage or spending and significantly impact economic indicators like inflation, employment, and foreign trade.

Impact of Inflation

The price of petrol has a direct impact on inflation. This is because consumer demand for it increases, as does the cost of transportation. The rise in the cost of petroleum reduces household purchasing power.

Affect On Consumer Spending

The rise in petroleum product costs can affect consumer spending. It can put strain on drivers' budgets, and they may ultimately have to limit their budgets.

Business Costs

Businesses consume fuel as a source of transportation. As the number of companies that need products increases, the cost of products can increase. As a result, the products may be passed on at higher costs to consumers.

Energy Efficient Cars Or Vehicles

The higher petrol prices have urged people to use public transport, such as hybrid or electric cars. This may help them save on fuel costs in the long run.

Impact On Trade Balance

The trade balance can affect a country's fuel imports. High fuel prices can impact the import bill and increase the country's external debt. It can also influence currency exchange rates.

History of Petrol Prices in Pakistan

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