Petrol Price In Pakistan

History Of Petroleum

China became the first nation to produce and use petroleum in 347 AD. In 1858, the first commercial ship in Canada was launched. On the other hand, Russia became the world’s largest manufacturer of petroleum products at the turn of the twentieth century. The United States, Russia, and Saudi Arabia currently produce the majority of the oil in the world. However, Middle East has 80% of the world’s oil reserves.

That being said, the Middle East holds 80% of the world’s oil reserves, with Qatar, Iraq, Kuwait, Saudi Arabia, and the United Arab Emirates accounting for the bulk of the producers.

Petrol Quality In Pakistan

Pakistan had a shortage of low-grade gasoline for a long time, while the rest of the world used higher-quality fuel in their cars. Pakistan’s fuel supplies were of a higher quality than those of even the least developed countries. In 2016, Pakistan began importing higher-quality gasoline with a higher Research Octane Number (RON), 92 to be exact. In Pakistan, most oil marketing companies now refine RON 95 or 97 gasoline.

Euro Fuel Emission Standards in Pakistan

Pakistan has ratified the Euro V emission standards in order to increase the efficiency of our vehicles’ engines. This also contributes to a greener climate for future generations in Pakistan.

Pakistan had previously adopted the Euro II Emission Standards in 2012 when they were already obsolete. Pakistan has now bypassed Euro III and Euro IV requirements in favour of adopting Euro V standards in 2020, which were first implemented in other countries in 2009. Many countries have been adopting Euro VI Emission Standards since 2014 and are expected to transition to Euro VII around 2025.

The Frequent Petrol Rate Changes in Pakistan

In Pakistan, the Oil and Gas Regulatory Authority (OGRA) regulates petrol prices. OGRA has a monthly tradition of revising all fuel rates. Each month, new prices are released on the 15th and last days of the month, and they normally last for the next 15 days. Furthermore, the cost of gasoline varies by region and area in Pakistan.

Petroleum prices in Pakistan are strongly tied to global oil and gas changes. They are, however, influenced by a variety of other local factors, including the availability of petroleum resources in the region, economic conditions, political instability, and so on. As a result, the public is subjected to constant fluctuations in fuel prices.

Highest Petrol Price in Pakistan

In August 2019, the highest petrol price in Pakistan history was PKR 117.83 per litre. It does, however, rarely hover around the Rs.110 when petroleum products are in high demand around the world, as they are right now.