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What is a barrel and how are the prices of petroleum products determined?

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Petroleum prices in Pakistan have once again skyrocketed after petrol prices reached a record high in the global market.

The scale used to measure crude oil is the word “barrel” which is heard and increased after the increase in the prices of petroleum products.

The word barrel was used about six hundred years ago for wooden cans in which the British used to store wine, and this method of storing wine continued until the 19th century, when in the 19th century in the US state of Pennsylvania. As the oil transportation business gained momentum, conventional barrels were also used for oil, and in 1882 the Petroleum Producers’ Association adopted the barrel as its standard.

The term barrel is still used today for petroleum products around the world after the Petroleum Producers Association standardized the barrel.

A barrel of 159 liters of oil comes. Today, the price of petrol in the world market has reached the highest level of ڈالر 84.92 cents (Pakistani Rs. 14,538 per barrel) about ً 85. Distributed, a liter of oil costs 0.5 0.53, or 90 Pakistani rupees 74 paise.

In addition to sales tax, petroleum levy tax per liter and other taxes, this price includes oil companies ‘margins, import fares, while LC, insurance, refining and warfare charges, dealer or petrol pump owners’ commission. After which the price of petrol per liter is determined.

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