Pakistan witnessed yet another hike in petrol and diesel prices as the government of Pakistan implemented a new price rise. Today, petrol price in Pakistan for premium is PKR 267 per liter, while high-speed diesel is priced at PKR 280 per liter. Light-speed diesel stands at PKR 184.68 per liter and Kerosene oil at PKR 187.7 per liter. As per the government policy, petrol rate in Pakistan is revised twice a month.
The petrol price in Pakistan is reviewed after every 15 days and applies to all cities, irrespective of regions or cities. Here, you can check the rate for all petroleum products in Pakistan, including high octane, kerosene oil, Euro 5, light speed diesel, and high-speed diesel.
The rise in petrol prices is said to be aimed at ensuring the resurgence of the International Monetary Fund (IMF) program, as Pakistan’s financial situation has become relatively volatile in recent years, resulting in unusual variations in fuel prices. The recent hike in petrol, diesel, light diesel, and kerosene oil prices in Pakistan has impacted people significantly, with prices going up to PKR 10 to 15 per liter.
Petroleum prices are influenced by several factors, one of which is supply. OPEC’s reduced supply to other countries generates a rise in local prices as well. As retail merchants add their profit to the total cost of fuel, increased transportation and advertising costs have a significant impact on petroleum prices.
The history of petroleum dates back to 347 AD when China became the first country to produce and utilize petroleum. The first commercial oil well in Canada became operational in 1858. At the beginning of the 20th century, Russia became the leading producer of petroleum products. Today, most of the oil in the world is produced by three countries, namely the United States, Russia, and Saudi Arabia. However, 80% of oil reserves are present in the Middle East, where the majority of the providers are Qatar, Iraq, Kuwait, Saudi Arabia, and the United Arab Emirates.