In a move expected to provide much-needed relief to consumers, the federal government is likely to reduce petroleum product prices from June 1, according to media reports.

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

Later in the day, Brent crude edged up slightly by 11 cents to $64.85 per barrel, and WTI increased by 6 cents to $61.59 per barrel — a marginal recovery attributed to thin trading volume following the US Memorial Day holiday.

“Crude oil edged lower as the market contemplated the outlook for rising OPEC supply,” noted Daniel Hynes, senior commodity strategist at ANZ, in a market brief.

(Courtesy: Samaa Digital)

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 the downward trajectory in global oil prices over the past weeks, domestic fuel prices in Pakistan have not reflected a proportionate decline, drawing criticism from various quarters.

Current petrol and diesel prices in Pakistan

Currently, petrol is being sold at Rs252.63 per litre, while high-speed diesel (HSD) is available at Rs254.64 per litre — following a nominal reduction of Rs2 per litre for HSD announced on May 16.

The price of petrol, however, was maintained.