The Latest Petrol Prices in Pakistan [Updated May 2024]

Petrol prices in Pakistan, like in any country, are influenced by several factors. These include the cost of crude oil, refining, distribution, marketing, profits, and taxes. In developing countries such as Pakistan, the government often subsidizes fuel prices to reduce the financial strain on its citizens.

In Pakistan, the federal government allocates millions of rupees to fuel subsidies to keep prices within reach for the public. However, unlike countries such as China, India, Bangladesh, Indonesia, and Malaysia, Pakistan lacks a consistent policy for managing these subsidies. These countries have well-established systems for fuel subsidies, often included in their annual budgets—a practice Pakistan could benefit from adopting.

Current Petrol Prices in Pakistan – May 2024

Here are the latest fuel prices in Pakistan. The table below lists the current prices for commonly used petroleum products, including petrol, high-speed diesel, light-speed diesel, and kerosene oil.

Fuel TypePrice After Mid-May 2024
PetrolPKR 273.10
High-Speed DieselPKR 274.08
Light-Speed DieselPKR 161.17
Kerosene OilPKR 173.48
Petrol Prices in Pakistan – May 2024

As of May 23, 2024, these are the latest petrol prices in Pakistan.

Latest CNG Prices in Pakistan – May 2024

Compressed Natural Gas (CNG) is another widely used fuel for vehicles in Pakistan. The country is divided into two regions for CNG supply: Region I (including Khyber Pakhtunkhwa, Balochistan, the Potohar region, Islamabad, Rawalpindi, and Gujar Khan) and Region II (Sindh and lowlands of Punjab).

CNG prices vary by region. Here are the latest CNG rates for May 2024:

  • Region I: PKR 200 per KG
  • Region II: PKR 200 per KG

A Brief History of Petrol Prices in Pakistan

The COVID-19 pandemic had a profound impact on the global petroleum industry. A significant drop in fuel demand led to an oversupply crisis. In Pakistan, fuel consumption fell by 11% during the fiscal year 2019-2020 due to lockdowns and the widespread fear of the virus.

As people stayed home and work-from-home policies were implemented, fuel usage dropped significantly. In June 2020, petrol prices in Pakistan hit a 10-12 year low, dropping to PKR 74.52 per litre. However, strict lockdowns also caused fuel shortages in some regions.

These shortages were short-lived. As COVID-19 cases declined in the latter half of 2020, the government moved from strict lockdowns to more sustainable measures. Businesses and industries resumed operations with COVID-19 protocols in place. By the end of June 2020, petrol prices had increased by PKR 25.58, reaching PKR 100.10 per litre.

Given the ongoing economic challenges and rising global fuel demand, petrol prices in Pakistan are expected to continue increasing in the coming months. As shown in the table above, the current petrol price is PKR 273.10. Stay informed about the fluctuating rates of petroleum products in the country.

Who Regulates the Oil and Gas Sector in Pakistan?

The Oil and Gas Regulatory Authority (OGRA), established by the Government of Pakistan in 2002, oversees the fuel sector in the country. OGRA evaluates demand, supply, and other key factors to recommend changes in fuel prices.

These recommendations are submitted to the Prime Minister of Pakistan for approval. If approved, the new prices are implemented; if not, prices remain unchanged. The negotiation process between the government and OGRA plays a crucial role in determining final prices.

Frequently Asked Questions

How much is 1 liter of petrol?

As of May 2024, 1 liter of petrol in Pakistan costs PKR 273.10.

What is the price of petrol in Pakistan in May 2024?

The price of petrol in Pakistan for May 2024 is PKR 273.10 per liter.

What is the highest petrol price in Pakistan history?

The highest petrol price in Pakistan’s history was around PKR 300 per liter, observed during the economic crisis periods.

What is the new price of petrol in Pakistan?

The new price of petrol in Pakistan, as of May 2024, is PKR 273.10 per liter.

Is petrol cheaper in Pakistan than in India?

Petrol prices fluctuate in both countries due to various factors, but historically, petrol has often been cheaper in Pakistan compared to India due to different tax structures and subsidies.

How many kilometers can you travel on 1 liter of petrol?

The distance you can travel on 1 liter of petrol depends on the vehicle’s fuel efficiency. On average, a car in Pakistan might travel between 12 to 15 kilometers per liter.

In which country is fuel the cheapest?

As of recent global data, Venezuela has the cheapest fuel prices due to heavy government subsidies.

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