ISLAMABAD: The federal government is likely to decrease the diesel and petrol prices in Pakistan from June 1, 2025, in the upcoming fortnightly review due to the recent decline in global prices.
The Brent crude rate fell by 12 cents to $64.62 per barrel, while US West Texas Intermediate (WTI) crude reduced by 15 cents to $61.38 per barrel, Reuters reported.
The international media reported that the prices of Brent crude were reduced in global market following the speculation that OPEC+ may decide to rise oil production during its upcoming meeting on May 31.
The market has been closely monitoring OPEC+ signals, particularly after three sources revealed to Reuters that eight member countries who had earlier pledged voluntary cuts will meet on May 31, a day earlier than scheduled, to finalise a new output strategy. Sources suggest the bloc may agree to raise production by 411,000 barrels per day for July.
Despite a significant decrease in global oil prices, the petroleum prices in Pakistan were not reduced by the government as per the decline in the international market.
However, the government may reduce petroleum prices to provide relief to the public.
Current petrol prices in Pakistan
In the last fortnightly review, the government kept the petrol price unchanged at Rs252.63 per litre from May 16 to May 31, while the price of high-speed diesel was dropped by Rs2 per litre, with the new price fixed at Rs254.64 per litre.
Similarly, the price kerosene oil was decreased by Rs5.04 per litre to Rs164.65 per litre. The per litre price of light speed diesel was reduced by Rs4.68 with new price fixing at Rs150.65 per litre.
