diff --git a/source/adapters/level_zero/CMakeLists.txt b/source/adapters/level_zero/CMakeLists.txt
index a19f768a95..c0a6300f75 100644
--- a/source/adapters/level_zero/CMakeLists.txt
+++ b/source/adapters/level_zero/CMakeLists.txt
@@ -117,6 +117,7 @@ add_ur_adapter(${TARGET_NAME}
     ${CMAKE_CURRENT_SOURCE_DIR}/v2/queue_factory.hpp
     ${CMAKE_CURRENT_SOURCE_DIR}/v2/context.hpp
     ${CMAKE_CURRENT_SOURCE_DIR}/v2/command_list_cache.hpp
+    ${CMAKE_CURRENT_SOURCE_DIR}/v2/latency_tracker.hpp
     ${CMAKE_CURRENT_SOURCE_DIR}/ur_level_zero.cpp
     ${CMAKE_CURRENT_SOURCE_DIR}/common.cpp
     ${CMAKE_CURRENT_SOURCE_DIR}/context.cpp
diff --git a/source/adapters/level_zero/context.hpp b/source/adapters/level_zero/context.hpp
index dc70a2470c..f6317e891f 100644
--- a/source/adapters/level_zero/context.hpp
+++ b/source/adapters/level_zero/context.hpp
@@ -43,6 +43,9 @@ struct ur_context_handle_t_ : _ur_object {
 
   ur_context_handle_t_(ze_context_handle_t ZeContext) : ZeContext{ZeContext} {}
 
+  // Make sure this is virtual so that v2::context is appropriately destroyed
+  virtual ~ur_context_handle_t_() {}
+
   // A L0 context handle is primarily used during creation and management of
   // resources that may be used by multiple devices.
   // This field is only set at ur_context_handle_t creation time, and cannot
diff --git a/source/adapters/level_zero/v2/command_list_cache.cpp b/source/adapters/level_zero/v2/command_list_cache.cpp
index c240cc8ee7..ff056f5413 100644
--- a/source/adapters/level_zero/v2/command_list_cache.cpp
+++ b/source/adapters/level_zero/v2/command_list_cache.cpp
@@ -41,7 +41,10 @@ inline size_t command_list_descriptor_hash_t::operator()(
 }
 
 command_list_cache_t::command_list_cache_t(ze_context_handle_t ZeContext)
-    : ZeContext{ZeContext} {}
+    : ZeContext{ZeContext},
+      immediateGetLatencyTracker(
+          "command_list_cache_t::getImmediateCommandList"),
+      regularGetLatencyTracker("command_list_cache_t::getRegularCommandList") {}
 
 raii::ze_command_list_t
 command_list_cache_t::createCommandList(const command_list_descriptor_t &desc) {
@@ -81,6 +84,8 @@ command_list_cache_t::getImmediateCommandList(
     ze_device_handle_t ZeDevice, bool IsInOrder, uint32_t Ordinal,
     ze_command_queue_mode_t Mode, ze_command_queue_priority_t Priority,
     std::optional<uint32_t> Index) {
+  rolling_latency_tracker tracker(immediateGetLatencyTracker);
+
   immediate_command_list_descriptor_t Desc;
   Desc.ZeDevice = ZeDevice;
   Desc.Ordinal = Ordinal;
@@ -100,6 +105,8 @@ command_list_cache_t::getImmediateCommandList(
 raii::cache_borrowed_command_list_t
 command_list_cache_t::getRegularCommandList(ze_device_handle_t ZeDevice,
                                             bool IsInOrder, uint32_t Ordinal) {
+  rolling_latency_tracker tracker(regularGetLatencyTracker);
+
   regular_command_list_descriptor_t Desc;
   Desc.ZeDevice = ZeDevice;
   Desc.IsInOrder = IsInOrder;
diff --git a/source/adapters/level_zero/v2/command_list_cache.hpp b/source/adapters/level_zero/v2/command_list_cache.hpp
index 7cacf40604..07459a64ed 100644
--- a/source/adapters/level_zero/v2/command_list_cache.hpp
+++ b/source/adapters/level_zero/v2/command_list_cache.hpp
@@ -17,6 +17,7 @@
 #include <ze_api.h>
 
 #include "../common.hpp"
+#include "latency_tracker.hpp"
 
 namespace v2 {
 namespace raii {
@@ -81,5 +82,8 @@ struct command_list_cache_t {
                       raii::ze_command_list_t cmdList);
   raii::ze_command_list_t
   createCommandList(const command_list_descriptor_t &desc);
+
+  rolling_stats immediateGetLatencyTracker;
+  rolling_stats regularGetLatencyTracker;
 };
 } // namespace v2
diff --git a/source/adapters/level_zero/v2/latency_tracker.hpp b/source/adapters/level_zero/v2/latency_tracker.hpp
new file mode 100644
index 0000000000..1292e68e3e
--- /dev/null
+++ b/source/adapters/level_zero/v2/latency_tracker.hpp
@@ -0,0 +1,97 @@
+//===--------- ur_latency_tracker.cpp - common ---------------------------===//
+//
+// Copyright (C) 2024 Intel Corporation
+//
+// Part of the Unified-Runtime Project, under the Apache License v2.0 with LLVM
+// Exceptions. See LICENSE.TXT
+// SPDX-License-Identifier: Apache-2.0 WITH LLVM-exception
+//
+//===----------------------------------------------------------------------===//
+
+#pragma once
+
+#include <chrono>
+#include <cstdint>
+#include <limits>
+#include <memory>
+
+#include "logger/ur_logger.hpp"
+
+namespace v2 {
+
+static inline bool trackLatency = []() {
+  return std::getenv("UR_ENABLE_LATENCY_TRACKING") != nullptr;
+}();
+
+class rolling_stats {
+public:
+  rolling_stats(const char *name) : name(name) {}
+
+  ~rolling_stats() {
+    if (trackLatency) {
+      logger::info("[{}] average latency: {}ns", name, estimate());
+      logger::info("[{}] number of samples: {}", name, count());
+    }
+  }
+
+  // track latency by taking the value of duration directly.
+  void trackValue(double value) {
+    auto ratio = static_cast<double>(cnt) / (cnt + 1);
+    avg *= ratio;
+    ++cnt;
+    avg += value / cnt;
+  }
+
+  // Return the rolling average.
+  uint64_t estimate() { return static_cast<uint64_t>(avg); }
+
+  // Number of samples tracked.
+  uint64_t count() { return cnt; }
+
+private:
+  const char *name;
+  double avg{0};
+  uint64_t cnt{0};
+};
+
+class rolling_latency_tracker {
+public:
+  explicit rolling_latency_tracker(rolling_stats &stats)
+      : stats_(trackLatency ? &stats : nullptr), begin_() {
+    if (trackLatency) {
+      begin_ = std::chrono::steady_clock::now();
+    }
+  }
+  rolling_latency_tracker() {}
+  ~rolling_latency_tracker() {
+    if (stats_) {
+      auto tp = std::chrono::steady_clock::now();
+      auto diffNanos =
+          std::chrono::duration_cast<std::chrono::nanoseconds>(tp - begin_)
+              .count();
+      stats_->trackValue(static_cast<double>(diffNanos));
+    }
+  }
+
+  rolling_latency_tracker(const rolling_latency_tracker &) = delete;
+  rolling_latency_tracker &operator=(const rolling_latency_tracker &) = delete;
+
+  rolling_latency_tracker(rolling_latency_tracker &&rhs) noexcept
+      : stats_(rhs.stats_), begin_(rhs.begin_) {
+    rhs.stats_ = nullptr;
+  }
+
+  rolling_latency_tracker &operator=(rolling_latency_tracker &&rhs) noexcept {
+    if (this != &rhs) {
+      this->~rolling_latency_tracker();
+      new (this) rolling_latency_tracker(std::move(rhs));
+    }
+    return *this;
+  }
+
+private:
+  rolling_stats *stats_{nullptr};
+  std::chrono::time_point<std::chrono::steady_clock> begin_;
+};
+
+} // namespace v2