Petrol Price in Pakistan, 15 May 2024
Petrol price in Pakistan is reviewed every 15 days. Petrol rate in Pakistan is applicable to all cities irrespective of cities or regions. Here you can check all petroleum products prices in Pakistan including High Octane, Kerosene, Euro 5, Light Speed Diesel, and High Speed Diesel.
The word petroleum is a combination of two different words “petro” meaning rock and “oleum” meaning “oil”. However, petroleum in crude form is extracted from land or sea by distillation. Petroleum itself consists only of crude oil, but in its crude form it can contain a variety of solid, liquid and gaseous hydrocarbons.
For the next fortnight starting May 16, petrol prices are expected to decrease by Rs 13.40 per liter and High Speed Diesel (HSD) by Rs 8.19 per litre.
A premium of around $10.30 per barrel on petrol and $6.50 per barrel on HSD is expected, with an exchange rate adjustment of 12 paise.
However, the official announcement is still two days away.
After the Iran-Israeli missile attacks, the tension in the Middle East eased and the tension in the Red Sea eased, the global oil prices fell significantly. Reflecting this positive change, global gasoline prices fell by $6.32 to $99.93 per barrel.
The price of kerosene oil is likely to decrease by Rs 9 49 paise per liter and the price of light diesel oil (LDO) by Rs 6 54 paise per litre.
The current premium price Petrol, High Speed Diesel (HSD), Light Diesel Oil (LDO) & Kerosene Oil is:
| Petroleum Type | Old Price | New Price | Difference |
|---|---|---|---|
| Petrol | PKR 288.49 | 275.09 | -13.40 |
| High Speed Diesel (HSD) | PKR 281.96 | PKR 273.77 | -8.19 |
| Light Diesel Oil (LDO) | PKR 166.86 | PKR 166.86 | – |
| Kerosene Oil | PKR 186.86 | PKR 186.86 | – |
If the government approves these estimated reductions, petrol prices will come down to Rs 275.09 per liter from Rs 288.49, HSD will come down from Rs 281.96 to Rs 273.77 per litre, KERO will come down from Rs 183.34 to Rs 173.85 per litre. will be done 170.66 to 164.12 rupees per litre.
The government currently levies a petroleum levy of Rs 60 per liter on both petrol and HSD. It is estimated to collect 936 billion rupees from petroleum levy in the current financial year, which is more than the budget target of 869 billion rupees.
The government estimates that lower fuel prices will boost sales and consumption of petroleum products, which fell by four percent month-on-month and six percent year-on-year in April 2024.
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What is the current price of petrol in Pakistan?
The current premium price of petrol in Pakistan is Rs. 288.49.
How much does one liter of petrol cost in Pakistan?
The current price of a liter of premium petrol in Pakistan is Rs. 288.49.
How much is the price of petrol in Pakistan today?
Today petrol price in Pakistan is Rs. 288.49 per litre. Pakistan’s financial situation has become relatively unstable in recent years, resulting in abnormal fluctuations in fuel prices.
How much does one liter of petrol cost in Pakistan?
Petrol price in Pakistan today is Rs. 288.49 per liter, and it is likely to increase further. According to the notification issued by Finance Minister “Dr. Shamshad Akhtar”, the purpose of increasing petrol prices is to ensure the recovery of the program of the International Monetary Fund (IMF).
Affected by rising petrol prices
This is a critical time for Pakistan, which is experiencing rapid growth and financial instability. The government has announced an increase in the prices of petrol, diesel, light diesel and kerosene in Pakistan by 10 to 15 rupees per liter. Petroleum prices are affected by several factors, one of which is supply. OPEC’s cut in supply to other countries also increases local prices. As retailers factor their profits into the total cost of fuel, increases in transportation and advertising costs significantly affect petroleum prices.
History of Petroleum
In 347 AD, China became the first country to produce and use petroleum. The first commercial in Canada began in 1858. However, at the beginning of the 20th century, Russia became the largest producer of petroleum products. Now, three countries produce most of the oil in our world: the United States, Russia, and Saudi Arabia. However, 80% of oil reserves are located in the Middle East, where the majority of suppliers are Qatar, Iraq, Kuwait, Saudi Arabia and the United Arab Emirates.
Petrol (Super) Price in Pakistan
This type of petrol is also called super with higher octane rating which provides better engine performance. It is prominently used in bikes and cars. As per the latest updates, petrol price in Pakistan is Rs. 288.49.
High Speed Diesel Price in Pakistan
High-speed diesels typically power commercial vehicles and enable them to pass 7500 RPMs. It is the best choice for heavy duty cars, trucks and buses. Additionally, as per the latest updates, High Speed Diesel price in Pakistan is PKR 281.96.
Light Speed Diesel Price in Pakistan
Light speed diesel prices in Pakistan are generally driven by mid-range vehicles. These vehicles generally require more power than personal use vehicles. The price of Light Speed Diesel in Pakistan is Rs 166.86.
Kerosene Oil Price in Pakistan
Kerosene oil is in high demand in petroleum industries across Pakistan. It usually supplies power to small machines and appliances. The price of kerosene in Pakistan is Rs 186.86.
LPG Price in Pakistan
Pakistan imports liquefied natural gas (LNG), and liquefied petroleum gas (LPG) is obtained from the same source. LPG serves a dual purpose in Pakistan. It is being used as fuel for both vehicles. However, it also meets domestic needs for natural gas. The price of liquid petroleum in Pakistan is Rs 254.86 per kg, which will be effective from December 1, 2023.
Compressed Natural Gas (CNG)
Compressed natural gas (CNG) is a clean-burning alternative fuel derived from natural gas, which consists primarily of methane. It undergoes compression to reduce its volume for storage and transportation. It can typically 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 premium due to its high quality and efficiency advantages.
Note: Ogra does not control the prices of high octane petrol in Pakistan. Thus, high octane prices vary at different petrol pumps.
Highest price of petrol in Pakistan
In January 2023, the highest petrol price in the history of Pakistan was Rs 331.38 per litre. However, it occasionally gets close to the 230 mark whenever global demand for petroleum products is high, as it is these days.
Euro fuel emission standards in Pakistan
Pakistan has officially adopted the Euro V emission standard to improve the engine performance of its vehicles. It also helps in creating a greener environment for future generations of Pakistan.
Earlier, Pakistan adopted Euro II emission standards in 2012, when Euro II was already outdated. Now, Pakistan has left Euro III and Euro IV to adopt Euro V standards in 2020 which was introduced in other countries in 2009. Many countries have been following Euro VI emission standards since 2014 and will switch to Euro VII, expected around 2025.
Petrol Price – 2018 and beyond
Oil prices also fluctuate based on the value of the rupee in the international market. Due to depreciation of rupee since 2018, oil prices have increased in the global market in Pakistan as well.
In 2021, the government of Pakistan tried to control petrol prices in the country by reducing the tax margin. Although effective, the strategy was a short-term solution. Such problems are common to developing countries like Pakistan that are heavily dependent on imported oil. This increases the price of oil and makes it difficult for consumers to buy petrol.
The Oil and Gas Regulatory Authority (OGRA) controls the prices of petrol in Pakistan. Ogra has a practice of revising fuel prices twice every month. New prices are announced on the 15th and last day of every month and are generally applicable for the next 15 days.
Historical background of petrol price
The post-CNG evolution during the 1990s led to people using only the fuel in their cars. People found it easy to top up their cars with fuel. However, since then the price of petrol has been increasing continuously. During Zardari’s tenure, petrol prices were on the rise. Prices were very low during Nawaz Sharif’s regime. Due to the interim constitution, the government became unstable.
Additionally, gasoline prices have remained stable since then. The Oil and Gas Regulatory Authority (OGRA) determines the prices of oil today and in the future. Petrol price in Pakistan can vary based on many factors. It includes the country’s economic condition, geopolitical factors and government policies. However, you can check it here on dailypktv.
Petrol price in Pakistan has been reduced by Rs 5.45 per litre, bringing it down from Rs 293.94 to Rs 288.49 for the next fortnight.
This decision has been taken as per the recommendations of the Oil and Gas Regulatory Authority (OGRA).
Effective midnight of May 1, the Finance Division issued an official notification confirming the new fuel prices. Additionally, the price of diesel has been reduced by Rs 8 42 paise per liter to Rs 281.96 per litre.
For the period from May 1 to May 15, 2024, the prices of Motor Spirit (Petrol) and High Speed Diesel (HSD) are as follows:
The finance division explained that the reason for the decline in the prices of petroleum products is the drop in crude oil prices globally during the last two weeks. Ogra fixed consumer prices based on fluctuations in the international market, as mentioned in the notification.
It is worth noting that on April 15, the government had increased the prices of petrol and diesel by Rs 4.5 and Rs 8.1 per liter respectively.
The government regularly reviews and adjusts the prices of petroleum products every 15 days in response to changes in global oil prices and local currency values. Factors such as expected fuel consumption, Pakistan State Oil’s supply cost, and monthly tax targets are considered while pricing petroleum products.
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