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.
They finished third in the 2012–13 Liga I, as well as winning Cupa României for the third time in their history. The third-place finish earned Petrolul a spot in the second qualifying round of the 2013–14 UEFA Europa League, with the club playing a European match following an 18-year absence.
Petrolul signed a one-year kit deal with American sportswear company Nike, after the association with Puma came to an end. The club confirmed on its official website that Opel would continue being the shirt sponsor until the end of the season.Acıbadem Healthcare Group also became the medical sponsor until the end of the season, with an extension option being available. Using many players that would normally be substitutes and having a player sent off in the second half, Petrolul was beaten by Universitatea Cluj in the Cupa Ligii (English: League Cup) round of 16, a competition which was reenacted after fourteen years of pause. After eliminating Flamurtari Vlorë, "The Yellow Wolves" confronted Czech side Viktoria Plzeň in the Europa League third qualifying round, a club which in the previous season took part in the Champions League group stage. After a draw at Ploiești (1–1), Petrolul impressively beat Viktoria scoring four goals and conceding only one. The Romanian side's captain, 35-year-old Adrian Mutu, played a big role in his team's qualification, scoring both home and away. However, losing both of the play-off legs against Dinamo Zagreb of Croatia, Petrolul yet again missed the chance of advancing to the group stage. On 16 September, coach Răzvan Lucescu was sacked.Gheorghe Mulțescu took his place one day later. After many rumours, Adrian Mutu eventually broke his contract with "The Oilmen", on the 26th. He was the best paid footballer, and was often criticised for playing bad. Cosmin Contra, Petrolul's coach from October 2012 to March 2014, said that the signings of Adrian Mutu and Ianis Zicu (both joined in January 2014) were a "failure". 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. The loss would amount to 15.4 million euros. The press suggested that these criminal matters could cause serious financial problems for Petrolul and important players might want to leave the club. On 10 January 2015, ex-Standard Liège coach Mircea Rednic replaced Gheorghe Mulțescu on the bench. At the beginning of February, due to president Capră still being under detention, the club faced financial problems and entered insolvency, meaning that the participation in UEFA Europa League and UEFA Champions League is denied. During the winter transfer window, five footballers left Petrolul, including important ones like Juan Albín and Soni Mustivar. However, among others, Mircea Rednic convinced 31-year-old striker Mohamed Tchité, who spent most of his professional career in Belgium, with Standard Liége, Anderlecht and Club Brugge, and in Spain with Racing de Santander, to be part of the team until the end of the season at the least. He made his début on 5 March in the first leg of the Romanian Cup semi-final against rivals Steaua București, scoring his team's only goal in a 1–1 draw. On 3 April, Petrolul missed the qualification to the Cupa României final for the second year in a row, losing the semi-final second leg against Steaua at Arena Națională. However, only a week later, "The Yellow Wolves" defeated them in the championship, after more than 15 years.Curaçaoan winger Gevaro Nepomuceno netted the only goal of the match. On 5 May, it was announced that manager Mircea Rednic left "The Yellow-Blues". Assistant coach Valentin Sinescu continued as the caretaker of the team. Eventually, Petrolul finished the season on a disappointing place six.
Due to the financial problems, the club had to terminate or not extend the contracts of seventeen players, including Pablo de Lucas, Victoraș Astafei and Jean Sony Alcénat. On 3 June 2015, Tibor Selymes became the head coach of "The Oilmen". On the 11th, the club's reorganisation plan was voted, therefore bankruptcy was avoided for the time being.Nike remained the kit manufacturer, while Superbet, a gambling company, replaced Alexandrion as the main sponsor of the team. "The Yellow Wolves" settled their pre-season training stage at Zlatibor, in the neighbouring country Serbia. The stage started on 21 June and ended on 4 July. The club tested and signed new footballers during this period, generally ones who played in the French lower divisions, like Abdellah Zoubir, Ismail Hassan or Nicolas Farina. Ex-Dynamo Moscow midfielder Adrian Ropotan returned to Romania, six years after he left Dinamo București. Petrolul also convinced Brazilian goalkeeper Peterson Peçanha to extend his contract. On 11 July, Petrolul played its first official game of the season against Steaua București, in the Liga I. The match ended goalless. However, the next seven matches brought three defeats, three draws and only one victory. Being last in the league table, also due to a deduction of six points for failure to comply with licensing requirements, Petrolul sacked Selymes and replaced him with its former player Eusebiu Tudor.
In the summer of 2016 the club was dissolved, but fans with club legends refounded the club and enroll it in Liga IV.
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's traditional, 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 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.