Petrol and diesel prices in Pakistan may see a reduction starting June 1, following a modest decline in international crude oil rates. Government sources suggest that the federal cabinet is likely to approve a price cut, offering relief to consumers burdened by high fuel costs.
The expected adjustment comes as global oil markets respond to speculation about possible changes in OPEC+ output. International benchmarks Brent crude and US West Texas Intermediate (WTI) both recorded minor fluctuations on Tuesday. Brent crude dipped by 12 cents to $64.62 per barrel, while WTI fell 15 cents to $61.38. However, both rebounded slightly later in the day.
Analysts attribute the price movement to expectations that OPEC+ may increase oil production. Reuters reported that eight OPEC+ member nations are set to meet on May 31—earlier than planned—to finalise their supply strategy. A proposed production boost of 411,000 barrels per day for July is under discussion.
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In Pakistan, petrol is currently priced at Rs252.63 per litre, while high-speed diesel stands at Rs254.64. The most recent review on May 16 resulted in a Rs2 per litre cut for diesel, but petrol prices remained unchanged.
Despite global declines in crude oil prices over recent weeks, domestic adjustments have lagged behind, prompting criticism from consumers and industry stakeholders alike. A revision aligned with international trends would be seen as a step towards fairer pricing and improved transparency in the fuel pricing mechanism.