Petroleum is a naturally found liquid that contains a vast quantity of hydrocarbons. It is found below the earth’s surface. By using the oil drilling mechanism, petroleum is recoverable. Then refined and some other products like Petrol, kerosene oil and other chemical reagents are separated from it. The chemical reagents are highly beneficial to the plastic and pharmaceutical industries.
Pakistan is dependent on the Hydrocarbons in many industries. To meet the needs of hydrocarbons, Pakistan imports huge quantity of Oil, Petrol and Petroleum products from Arab countries. In Pakistan, the biggest user of Petrol and Gasoline is the transport sector that consumes 48% of Petrol and Gasoline imported from Arab countries. Power generation consumes 36% of the resources whereas; the residential area uses the remaining 12%.
Petrol is useful for two purposes in automobile industries. As you know that it burns rapidly, so, it is used as a fuel. Secondly, it is a perfect solvent. That’s why it is used for cleaning auto parts as it evaporates soon. Moreover, Petrol is used to generate electricity.
In the same way, the white petrol that is also known as Kerosene oil is used as a Jet, rocket and heating fuel. Petrol is originally used to kill the parasites like lice, bugs and other insects. It is also used in household things to remove the stains on the clothes and equally beneficial in automobile industries to remove the grease stains.
Gasoline is also used as a fuel in a large number of automobiles. It is highly beneficial to be used in aircraft, boats, and generators and other utility machines.
Pakistan gets a major part of its oil and petroleum imports from Saudi Arabia and remaining from the UAE. However, the Russian Federation is on the top of the list as the biggest exporter of Oil & Petroleum to the world. Saudia, Norway, Canada, UAE, Nigeria, USA, Netherlands, Iran and Singapore compile the list by following the Russian Federation.
Pakistan is located in a significant geographical location. It needs to pay attention towards Oil Drilling in the adjacent areas to its neighboring country Iran. It is a known fact that Iran also exists in the list of top importers of Petroleum. Furthermore, the detection of oil reserves in the coastal areas of Pakistan is also made. Pakistan should plan for off-shore drilling to get these reserves.
Pakistan needs to make a petroleum policy to make the exploration of hidden oil reserves in Pakistan. It should offer attractive incentives to the foreign oil drilling companies to continue the drilling process. Pakistan has formed an Oil Exploration Organization to detect the oil reservations on various places in Pakistan. But the need of the hour is to strengthen the organizations with technical equipment so that they could produce the desired outcomes.
Recently, Pakistan started exporting good quality petroleum products such as Aviation spirit, Distillations, Bituminous, Petroleum Gases, lamp oil, naphtha, lubricating oils, greases, and other products successfully. The buyers are showing interest in purchasing these high-quality petroleum products as Pakistan refineries are producing up to the mark products.
Oil prices are fluctuating slightly on international levels. Resultantly, the rates of Petrol, oil, and petroleum are also affected. Furthermore, if there is a change in Dollar’s rate, oil rates again fluctuate. Usually, the prices decline or rise at the start of a new month.
Here, I am going to notify you the latest Petrol, Oil, and Petroleum prices in Pakistan that have been set by OGRA Pakistan. It is to keep you updated with the latest rates.
|HOBC||Rs. 109.7 /Ltr|
|High-Speed Diesel||Rs 117.43/Ltr|
|Low-Speed Diesel||Rs 80.54/Ltr|
|Kerosene Oil||Rs. 89.33 /Ltr|