Founded in 1924 in Bucharest as Juventus, following the merger of Triumf and Romcomit, the team was relocated in 1952 to the city of Ploiești, north of its traditional home, and changed names on numerous occasions throughout history. Domestically, its honours include four national titles and three national cups.
In recent history, after a period of notable domestic performances, Petrolul became insolvent in February 2015, and dissolution followed one year later. However, its supporters and club legends refounded and enrolled it in Liga IV, the fourth tier of the Romanian football league system.
Petrolul's current home colors are yellow and dark blue. Accordingly, the players are nicknamed "The Yellow Wolves" and play their home games at the 15,500-seater Ilie Oană Stadium.
Founded in 1924, the Latin tradition cultivated by Juventus București was illustrated by its emblem, which was based on the history of the foundation of Rome, where a she-wolf nursed Romulus and Remus. Their first national title came six years after establishment, as Juventus were champions in the 1929–30 season. After the reorganisation of the Romanian football's division structure, the club played seven consecutive seasons in Liga I, from 1933 to 1940. Following World War II, they were promoted once again to first division, having finished in 1st place in the final Liga II season prior to the outbreak of war. From 1946–1952, Juventus had 6 consecutive seasons in Liga I.
The team changed its name numerous times, being known as Distribuția, Competrol, Petrolul, Partizanul and Flacăra. In 1952 the club moved to Ploiești, and changed its name to Flacăra Ploiești accordingly.
The team received consistent media attention after signing former Romanian internationalsAdrian Mutu and Ianis Zicu in January 2014, a move which would later be considered a "failure". During the same month, it was announced that German automobile manufacturer Opel would become Petrolul's shirt sponsor.Petroliștii had the chance to qualify for their second consecutive Cupa României final, but lost the semi-final against rivals Astra Giurgiu 2–1 on aggregate. Petrolul came third in the Liga I once more, while the fans challenged Răzvan Lucescu, considering that he wasn't a suitable replacer for Contra, who left Petrolul in March to join Spanish side Getafe.
In the next season's European participation, "The Yellow Wolves" confronted Czech club Viktoria Plzeň in the Europa League third qualifying round. After a draw in Ploiești, Petrolul impressively beat Viktoria scoring four goals and conceding only one. However, Petrolul yet again missed the chance of advancing to the group stage after losing the play-off against Dinamo Zagreb. In September 2014, head coach Lucescu was sacked and Mutu left the club as a free agent. On 25 November, president Daniel Capră, general director Marius Bucuroiu and five other persons faced preventive detention for 24 hours, being suspected of tax evasion and money laundering. This marked the start of the decline, as the criminal offences made by the club's officials caused Petrolul to lose important players and face a period of instability. In February 2015, the club entered insolvency and eventually finished the season on the sixth place in Liga I.
More players left the club in the summer of 2015 and coach changes became frequent. Petrolul quickly landed on the last place in the league table, where it stayed until the last game of the season. Finally, in the summer of 2016 the team was dissolved.
Petrolul's first competitive match at the stadium was a Liga I game against Dinamo București on 25 September 2011, which ended 5–1 for the Bucharest team. Dinamo player Cosmin Moți scored the first goal of the game and thus the first official goal at new Ilie Oană Stadium.
Petrolul Ploiești has a large fanbase in the Prahova County region and their attachment is renowned in Romania, despite the team's ups and downs. The biggest ultras group is Lupii Galbeni ("The Yellow Wolves"), since 1996, and other smaller groups like Peluza Latină ("The Latin Stand") or Knot exist. At matches, they sing the club's chant, whose lyrics were written by George Nicolescu.
Petrolul Ploiești fans have established a close friendship with the supporters of Vitesse Arnhem.
Petrolul's traditional and historic rival is Rapid București. Petrolul and Rapid fans have maintained a strong rivalry, despite long periods of not meeting when one or the other were playing in the second division. Petrolul won the 1965–66 Divizia A, while Rapid finished second. The following season, Rapid won its first national title after a match played on the old Ilie Oană Stadium. These events are believed to have started the rivalry.
Petrolul maintains a mild rivalry with Astra Giurgiu, its former local enemy. Astra promoted for the first time to the Divizia A in 1998. It played in Ploiești until September 2012, when it was moved to Giurgiu by its owner, Ioan Niculae. Even after relocation, the rivalry has continued between the governances of the clubs.
^Wismut Karl Marx Stadt progressed to the first round after winning a play-off match 4–0.
^Liverpool progressed to the second round after winning a play-off match 2–0.
^Petrolul Ploiești progressed to the quarter-finals after winning a play-off match 1–0.
^The Intertoto Cup was founded in 1961–62, but was only taken over by UEFA in 1995. Petrolul have participated in the 1990 edition. The results are included in the total statistics.
^There is a controversy concerning the value of Inter-Cities Fairs Cup. While it is viewed as the predecessor to the UEFA Cup, it was not organised by UEFA. Consequently, UEFA do not recognise the competition as a major honour.