Pakistan Likely to See Petrol Price Cut From June 1

In a move aimed at easing the burden on consumers, the federal government is expected to lower petroleum product prices starting June 1, according to media reports.

Reuters reported that Brent crude futures fell by 12 cents, or 0.19%, to $64.62 per barrel in early trading on Tuesday, while US West Texas Intermediate (WTI) crude dropped 15 cents, or 0.24%, to $61.38 per barrel.

Later in the day, Brent crude slightly recovered, rising 11 cents to $64.85 per barrel, and WTI increased by 6 cents to $61.59 per barrel. This modest rebound was attributed to thin trading volumes following the US Memorial Day holiday.

“Crude oil edged lower as the market weighed the potential for increased OPEC supply,” said Daniel Hynes, senior commodity strategist at ANZ, in a market update.

The market remains attentive to OPEC+ developments after three sources told Reuters that eight member countries, which had previously agreed to voluntary production cuts, will meet on May 31—one day earlier than planned—to finalize a new output strategy. Reports suggest the group may decide to raise production by 411,000 barrels per day starting in July.

Despite the recent decline in global oil prices, domestic fuel prices in Pakistan have not decreased proportionally, drawing criticism.

Currently, petrol is priced at Rs252.63 per litre, while high-speed diesel (HSD) sells at Rs254.64 per litre, following a slight Rs2 reduction announced for HSD on May 16. The petrol price has remained unchanged.

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