Petrol Price in Pakistan Today
Summary of petrol and diesel prices in Pakistan’s major cities.
| Petroleum Products | Price |
|---|---|
| Premium | Rs. 252.10/Ltr |
| High Speed Diesel | Rs. 258.43/Ltr |
| Light Speed Diesel | Rs. 151.73/Ltr |
| Kerosene Oil | Rs. 164.98/Ltr |
Last Updated: December 2, 2024, prices valid till Dec 16 (Source: OGRA)
Latest and updated Petrol Price in Pakistan November 2024 are presented here each month after price announcement by the Oil & Regularity Authority of Pakistan (OGRA) under the Ministry of Petroleum. At the end of each month, prices for Petroleum products are announced including prices for HOBC, premium/petrol, HSD-high speed diesel, LSD-light speed diesel and Kerosene Oil, we take special care to update these prices on regular monthly basis.
Real Time Petroleum Prices – International Market
Here’s the real-time Petrol price chart updated in real time across World markets. The graph shows daily changing prices of crude oil in USD. Prices and demand for crude oil is dependent on global economic conditions as well as market speculation. Crude oil prices are commonly measured in USD. However, please note that the prices in Pakistan are updated bi-weekly by the ministry through OGRA.
Petrol Price in Pakistan Change Bi-weekly
Fuel prices significantly affect a country’s economy, influencing inflation levels with changes in rates. Previously, oil prices were updated monthly. The government then introduced a bi-weekly pricing system for fuel products, changing the benchmark from Pakistan State Oil (PSO) imports to Platts indexes. This change to reviewing fuel prices every two weeks was made to meet the oil industry’s request and protect it from inventory losses.
Current Trends for Petrol Prices in Pakistan
The petrol prices in Pakistan are updated every 15 days and are applicable across all cities and regions. You can find the rates for various petroleum products in the country, including high octane, kerosene oil, Euro 5, light speed diesel, and high speed diesel.
The term petroleum is derived from the combination of “petra,” meaning rock, and “oleum,” meaning oil. Raw petroleum is extracted from the earth or sea through the process of distillation. While petroleum mainly consists of crude oil, it can also contain solid, liquid, and gaseous hydrocarbons in its unprocessed form.
Key Factors that influence petroleum prices in Pakistan
Pakistan is currently facing a critical period of rapid growth and financial instability. Several factors influence petroleum prices, including supply. A reduced supply from OPEC to other nations contributes to local price increases. Additionally, higher transportation and marketing expenses significantly impact petroleum prices as retailers add their profits to the total cost.
History of Petroleum
The history of petroleum dates back to 347 AD when China first produced and used the resource. Canada’s first commercial operation commenced in 1858. However, by the early 20th century, Russia emerged as the leading petroleum producer. Presently, the United States, Russia, and Saudi Arabia are the world’s top oil producers. The Middle East holds 80% of global oil reserves, with Qatar, Iraq, Kuwait, Saudi Arabia, and the United Arab Emirates being the primary suppliers.
Also check CNG Price in Pakistan & today’s rate in major markets.
Petrol Price in Pakistan – FAQs
How is the petrol price determined in Pakistan?
Petrol prices in Pakistan are determined by the Oil and Gas Regulatory Authority (OGRA) and the Ministry of Finance. They consider factors such as global crude oil prices, refining costs, exchange rates, and government taxes to set the price.
Why do petrol prices fluctuate in Pakistan?
Petrol prices fluctuate due to changes in international crude oil prices, currency exchange rates, and adjustments in government taxes. Political and economic events globally and domestically can also impact fuel prices.
How often are petrol prices updated in Pakistan?
Petrol prices in Pakistan are typically reviewed and adjusted bi-weekly. The government announces new prices every 15 days, based on recommendations from OGRA and market conditions.
Why are petrol prices higher in some regions of Pakistan?
While petrol prices are generally uniform across the country, regional differences can sometimes occur due to varying transportation and logistical costs, especially in remote or less accessible areas.
How do petrol prices in Pakistan compare to other countries?
Petrol prices in Pakistan are influenced by various factors, including subsidies and taxation policies. Compared to some neighboring countries, Pakistan may have higher or lower prices, depending on global oil markets and government regulations.
Does the government provide subsidies on petrol in Pakistan?
The government occasionally offers subsidies or reduces taxes to keep petrol prices affordable during times of economic difficulty or when international oil prices are high. However, these policies vary based on economic conditions.
How does the exchange rate impact petrol prices in Pakistan?
Since Pakistan imports crude oil, changes in the exchange rate between the Pakistani Rupee and the US Dollar directly impact the cost of fuel. A weaker Rupee typically leads to higher petrol prices.
Where can I check the latest petrol price in Pakistan?
The latest petrol prices can be checked on official government websites, news portals, or this platform, which updates prices in line with government announcements.
What factors contribute to rising petrol prices in Pakistan?
Rising petrol prices can result from increases in global oil prices, currency depreciation, higher import costs, and increased taxes or levies by the government.
How does the price of petrol impact the economy in Pakistan?
Higher petrol prices increase transportation and production costs, which can lead to inflation in goods and services. It also impacts household budgets, as people have to spend more on fuel, potentially reducing overall spending.
This page contains Latest petrol prices in Pakistan. Petroleum is a naturally occurring, yellow-to-black liquid found in geological formations beneath the Earth’s surface, which is commonly refined into various types of fuels including HOBC, premium/petrol, HSD-high speed diesel, LSD-light speed diesel and Kerosene Oil. The Petrol and diesel prices in Pakistan are updated every two weeks as it changes in the domestic and international markets.
