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The federal government of Pakistan has announced a significant reduction in the price of petrol, bringing relief to motorists across the country. Effective May 16, 2024, the new price of petrol stands at Rs273.10 per litre, reflecting a decrease of Rs15.39 per litre. This decision was made based on the recommendations of the Oil and Gas Regulatory Authority (OGRA), which reviews petrol and diesel prices every fortnight.
The reduction in petrol prices comes as a result of changes in international market rates. Pakistan, like many countries, adjusts its petroleum prices based on international oil prices, exchange rates, and other factors to ensure that consumers benefit from fluctuations in the global market.
Good News for Pakistani Drivers: Petrol Prices Reduced
As of May 15, 2024, Pakistani drivers can rejoice over a drop in petrol prices. The federal government, following recommendations from the Oil and Gas Regulatory Authority (OGRA), reduced the price of petrol by Rs. 15.39 per litre. This brings the new cost of petrol to Rs. 273.10 per litre. Diesel prices also saw a decrease of Rs. 7.88, setting the current price at Rs. 274.08 per litre.
Types of Petroleum in Pakistan
Petroleum, or crude oil, is a vital natural resource that is refined to produce various fuels and products. In Pakistan, different types of petroleum products are available to consumers, including petrol (super), high-speed diesel, light-speed diesel, kerosene, liquefied petroleum gas (LPG), and compressed natural gas (CNG).
Petrol (Super) Price in Pakistan
Petrol, also known as super petrol, is a high-octane fuel used in cars and motorcycles. The price of petrol in Pakistan is currently Rs288.49 per litre.
High-Speed Diesel Price in Pakistan
High-speed diesel is primarily used in commercial vehicles and offers high performance. The current price of high-speed diesel in Pakistan is Rs290.38 per litre.
Light-Speed Diesel Price in Pakistan
Light-speed diesel is suitable for medium-sized vehicles that require more power. The price of light-speed diesel in Pakistan is Rs166.86 per litre.
Kerosene Oil Price in Pakistan
Kerosene oil is commonly used in industries and households for various purposes. The price of kerosene oil in Pakistan is Rs186.86 per litre.
LPG Price in Pakistan
Liquefied Petroleum Gas (LPG) is derived from liquefied natural gas and serves as a dual-purpose fuel for vehicles and households in Pakistan. The price of LPG in Pakistan is Rs254.86 per kg.
Compressed Natural Gas (CNG) Price in Pakistan
Compressed Natural Gas (CNG) is a clean-burning alternative fuel derived from natural gas. It is cheaper than diesel fuel and is widely used in Pakistan.
Historical Perspective: Petrol Prices in Pakistan
Let’s take a look back at the past 2-3 years. The table below provides insights into historical price trends:
Table
| Year | Average Petrol Price (Rs./Liter) |
| 2022 | 280.50 |
| 2023 | 265.80 |
| 2024 (May) | 273.10 |
Additional Considerations
- Impact on Other Sectors: Lower petrol prices positively affect transportation costs for goods and services.
- Environmental Impact: While welcomed by consumers, lower prices should prompt consideration of increased fuel consumption’s environmental consequences.
Conclusion
Petrol prices in Pakistan are a complex interplay of international and domestic factors. By understanding historical trends and staying informed, citizens can make informed decisions and prepare for potential price shifts.
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