Petrol Prices in Pakistan - Check Petroleum Prices in Pakistan Today

Petroleum is a liquid that exists naturally below the earth's surface. The color of petroleum varies, giving a yellow to blackish tint. The word petroleum comes from the combination of two words, 'petra' meaning rock and 'oleum' meaning oil which gives petroleum its alternative name 'fossil fuel'.

Below the earth's surface, it is believed to be present in geological formations. The drilling method extracts petroleum in raw form from beneath the earth, and distillation is applied. Distillation separates liquid petroleum from the raw one that is extracted by drilling.

Usually, dead organisms like algae and zooplankton are buried deep underneath the earth when subjected to immense heat and pressure become petroleum. Petroleum itself is only composed of crude oil, but it may contain many liquids, solid and gaseous hydrocarbons in raw form.

Types of Petroleum in Pakistan

Multiple types of fuels are distilled from petroleum. Following are the types of petroleum we require in Pakistan.

Premium (Super)

It is a common form of petrol in Pakistan that motorcycles and cars mostly use. Therefore there is a huge demand for Premium (Super) petrol in Pakistan.

High-Speed Diesel

It is the fuel of commercial vehicles in Pakistan. These are the vehicles that are powerful enough to go above 750 RPM speed.

Light Speed Diesel

It is the fuel of medium-speed engines. These are mostly off-road equipment and vehicles that have more power than personal use vehicles.

Kerosene

It is a commonly used petroleum item in Pakistan to light up the fire. It is also used to fuel small machines and equipment.

Liquefied Petroleum Gas (LPG)

Pakistan imports LNG, and it is used to fuel up vehicles and fulfills household needs of natural gas.

History of Petroleum

In the old times, petroleum gained importance when its usage increased in the industry. Specifically, it was being used to synthesize fertilizers, solvents, plastic, adhesives, and pesticides. With its increased use in commercial aviation, the importance of petroleum kept on escalating in technology, economy, and other sectors.

China was the first country to produce and use petroleum. In 347 A.D, China produced petroleum through bamboo drilled wells. After that, in 1795, British explorers formed an industry in Myanmar that had many wells to extract petroleum.

In Europe, Pechelbronn is considered the first site where petroleum was discovered and made ready for use. In 1848, a chemist James Young started a crude oil refining business in Derbyshire.

The first-ever oil refinery was built by a person named Ignacy Lukasiewicz in 1856. The first commercial well was dug in 1853 in Poland; the next was dug in 1857 in a region near Romania. In 1858, Canada made its first commercial well operational. At the start of the 20th century, Russia was leading in the production of petroleum.

Most of the oil in the world is produced by United States, Russia, and Saudi Arabia. 80% of the oil reserves are in the Middle East, where the major providers are Qatar, Iraq, Kuwait, Saudi Arabia, and the United Arab Emirates.

In 2018, United States was declared the world's largest producer of petroleum since they incorporated new techniques in drilling like hydraulic fracturing and horizontal drilling.

History of Petrol Prices in Pakistan

Now let's discuss petrol prices in Pakistan history. Back in the 1990s, before the introduction of CNG, petrol was the only option of fuel for car owners. Since traveling was part of daily life, one had to pay for getting his car refueled, and people did not care about Pakistan petrol price today in rupees.

Since other necessities were not that pricey at that time, paying a bit more for fuel wasn't that big issue for car drivers back then. Petrol prices were around 0.5 USD per liter at that time. Since then petrol prices have constantly been rising.

During the Zardari regime, petrol prices became outrageously high, which was one of the main reasons many Pakistanis got their vehicles settings converted for CNG use which was fairly cheaper than petrol. When the Zardari regime ended, the petrol prices became considerably low. The Pakistani citizens could get their vehicles refueled for as low as 65 PKR per liter for a long time.

Towards the end of the Nawaz regime, nearly when the interim government took over, the economic situation in Pakistan became a bit unstable leading to drastic changes in petrol prices. This was a crucial time for the citizens of Pakistan, who were already putting up with inflation and financial instability in the country, to pay so much for fuel.

Since then the government has been changed, and the increase in petrol prices has remained constant. Though people are not much pleased with this scenario, petroleum prices are now at their highest peak in history. Let's see how lit will go in the future.

How Does the Government Fix the Price of Petroleum in Pakistan?

The price of petrol in Pakistan today and tomorrow is determined by the Oil and Gas Regulatory Authority (OGRA). The price of petrol in Pakistan tomorrow depends on many factors, one of them is its supply. Lesser supply by OPEC to other countries causes a hike in its local price as well.

Increased prices of distribution and marketing also heavily impact petrol prices as retail dealers add their profit to the total cost of fuel. Added federal and government taxes make petrol prices go further up. The prices are revised every month and can be checked online at UrduPoint.

Conclusion

At UrduPoint, you can check the petrol price in Pakistan today 2021 and the diesel price in Pakistan today 2021. This way, you can easily track the petrol price in Pakistan tomorrow and know how much money you will need to spend to get your vehicle refueled.