Pakistan Petrol Price Today – Latest Oil Rate
Petrol Price Today: As of 1st November 2024, the high-speed diesel in Pakistan is priced at Rs. 248.38 per liter against premium petrol. The Government of Pakistan reviews these prices bi-monthly. It has a greater impact on the economy than on everyday life in this country.
Current Petroleum Prices in Pakistan
Here’s a breakdown of the current petroleum prices as of November 1, 2024:
| Product | Price (Rs./liter) |
|---|---|
| Premium Petrol | 248.38 |
| High-Speed Diesel | 251.29 |
| Light Speed Diesel | 140.90 |
| Kerosene Oil | 154.90 |
Pakistan State Oil Company Limited
Historical Trends
It would be able to explain how petrol price is moving to better analyze their budget and expectation levels. Petrol prices have considerably changed in the past several months. For example, it was:
- Premium Petrol Rs. 247.03 on October 16, 2024.
- October 1, 2024: It had increased by Rs. 247.03, with High-Speed Diesel at a marginal 246.29.
- Sep 9, 2024: It peaked off at Rs. 259.10 premium petrol price
All this is somewhat of an overarching macro economy and world prices wherein a product like oil finds itself trapped in its destiny.
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The factors determining Petrol Prices
The Price of various petroleum products in Pakistan follows these determinants:
Global Crude Oil Prices: It is the main determining factor of local oil prices around the world. International market changes directly affect the Pakistan market.
Dollar and Rupee: Since the oil is traded in the U.S. dollar, fluctuations in the value of rupees against the dollar might affect the local prices.
Government Policies: The government’s fiscal policies, mainly in terms of taxes and subsidies, mainly decide the retail prices. Sometimes it is in response to changes in economic conditions or decisions by the international bodies like the IMF.
Supply and Demand: Seasonal variation and regional consumption patterns sometimes cause fluctuation in the price of petrol.
Also Read: Dollar Rate Today in Pakistan – Open Market Live Price 05 November 2024
Knowledge of Petroleum
The term “petroleum” is a Latin word combining “petra” which means “rock” and “oleum” meaning “oil.” In its raw state, petroleum is a combination of hydrocarbons that may be found in solid, liquid, or gaseous form. Extraction and refinement of petroleum are important for the production of many kinds of fuels such as gasoline, diesel, and kerosene.
Importance of Petroleum in Pakistan
The fuel is of paramount importance to Pakistan in the economy as it helps to run vehicles, assists agricultural activities, and forms a constituent part of various industries. It would therefore bring inflation in terms of rise in costs of commodities and services with fluctuation of fuel price.
Conclusion
The price of petrol in Pakistan is currently set at Rs. 248.38 per liter. The economy is constantly causing it to change. A new price is released by the government every two months, and it is significant to the consumer to have an idea about the current rate. The above history and the forces behind fuel prices exemplify the sophistication of the petroleum market. If someone pays attention to these, then he or she, as well as his or her business, will be much more effective in handling the financial issues of constantly changing economic environments.
Consumer understanding of the nitty-gritty of petrol pricing is always helpful for better preparation against potential future hikes and adjustment to the economic realities of living in Pakistan.