PETROL PRICES IN PAKISTAN

Record-keeping for petrol prices in Pakistan is equally significant for the public and businesses. Therefore, due to its cost impacting several daily life aspects, including transportation and product prices, it is necessary to stay informed regarding the current updates of petrol prices.

Petroleum prices in Pakistan are prone to consistent fluctuations due to global market dynamics, geopolitical aspects, and government policies. Observing the petroleum prices in Pakistan allows one to make informed decisions concerning fuel ingestion, budgeting, and financial planning. Staying informed on the up-to-date petrol prices in Pakistan effectively paves the ever-evolving fuel landscape. The fuels that are used mostly and commonly in Pakistan include:

• Petrol (Super and Hi-Octane)
• Kerosene
• Diesel (High Speed and Low Speed)
• Compressed Natural Gas (CNG)
• Liquid Petroleum Gas (LPG)

Overview

The change in the international oil market impacts the rise or drop of petrol and diesel prices in Pakistan, which eventually impacts the daily aspects of life. Similarly, the whole world has recently observed an enormous drop in petrol and diesel prices in the first fortnight of December 1, which proved to be a welcoming relief for Pakistan’s consumers.

Other Fuels Prices in Pakistan

Petroleum, also known as gasoline and present extensively around the country, is one of the most common fuels for vehicles around the world, including Pakistan. Petroleum or gasoline is attained through crude oil’s fractional distillation.

Diesel Price in Pakistan

Diesel, another popular form of fuel used widely across Pakistan, is also obtained from petroleum but is precisely suitable for diesel engines. Diesel delivers value for money and improved acceleration. In Pakistan, diesel is an ideal fuel for buses, trucks, trains, etc.

Compressed Natural gas (CNG)

CNG is denoted as an environment-friendly fuel option containing compressed methane gas. It is an affordable alternative and generally cheaper than petroleum and diesel. In Pakistan, CNG is commonly used in vans, buses, trucks, and passenger cars if boot space is not conceded.

Kerosene and Liquid Petroleum Gas (LPG)

Kerosene and LPG are least expected to be utilized as vehicle fuels but are still used in several precise vehicles.

High Octane Price in Pakistan

Among the highest petrol prices globally, Pakistan’s high-octane petrol is a major price due to its enhanced quality and performance benefits. Therefore, staying informed with the up-to-date prices is necessary for making informed fuel decisions.

Oil Prices in Pakistan

The petroleum quality is determined through its Octane number, and the octane number displays how well the petroleum can repel bashing and provide competent performance. Pakistan’s several reliable petroleum providers responsible for petrol distribution include Attock Petroleum Limited, Pakistan State Oil (PSO), Shell Pakistan, Total Parco, and Hascol Petroleum.

For a long time, Pakistan had low-grade petrol resources while the entire world was consuming finer-quality fuel in their automobiles. Even the most underdeveloped countries had better quality fuel supplies than Pakistan. According to Dawn News, in 2016, Pakistan began to import better quality petrol, including a higher Research Octane Number (RON), 92 to be exact. Presently, the majority of the oil marketing companies in Pakistan refine RON 95 or 97 petrol.

Petrol Rate in Pakistan 2023

Petrol prices have been a hot topic of regular discussion in the Pakistani media. Still, there is a lot of misrepresentation revolving around the process of determining petrol prices. There are several factors playing a role in situating petrol prices in a country.

Petrol and petroleum products are extracted from crude oil. From crude oil assessment to production to the refinement and distribution process, various industries are included in offering the complete product of petrol. All of these industries involve their persistent costs to the price of petrol. Over this, the government adds tax money to the fuel price.

In Pakistan, the international oil market’s rate also plays a significant role. Oil prices fluctuate based on the value of the rupee in the international market. Since 2018, due to the rupee devaluation, oil prices in the international market have also increased in Pakistan.

The petroleum prices in Pakistan are precisely related to the global change in oil and gas without any doubt. However, they are also impacted by several other local factors involving the petroleum resources supply in the country, political instability, economic situations, etc, that result in the public witnessing numerous ups and downs in fuel costs.

Highest Petrol Price in Pakistan:

The highest petrol price in Pakistan’s history was Rs. 331.38 per liter back in January 2023. However, it also infrequently revolves around the 230 mark every time petroleum products are in high demand globally, similarly to these days.

According to Samaa’s report, the European Union has come up with a new standard for Russian crude oil at $60 per barrel. Alongside, the British Brent has experienced a 1% decrease, presently trading at $80.58 per barrel, though Russian crude’s market value rests even less than the freshly set standard.