ISLAMABAD – Petrol prices are likely to drop in Pakistan in upcoming review for first fortnight of June 2025 amid decreasing global prices.
Reports said a decline in global oil prices has been recorded following the speculation that OPEC+ may decide to increase oil production during its upcoming meeting on May 31.
The Brent crude rate has fallen by 12 cents or 0.19%, reaching $64.62 per barrel, while US West Texas Intermediate (WTI) crude has decreased by 15 cents or 0.24%, settling at $61.38 per barrel.
The government may reduce petroleum prices in light of the global decline in oil rates to provide relief to the public.
In previous fortnightly review, the Ministry of Finance kept the petrol price unchanged at Rs252.63 from May 16 to May 31. However, the price of high speed diesel dropped by Rs2 per litre with new price settling 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.
On the other hand, the Pakistani government is planning to impose additional burden of Rs194 billion on the masses through an surge in petroleum levy collections for upcoming fiscal year.
Sources familiar with development claimed Pakistani government assured International Monetary Fund (IMF) that it will boost its revenue from petroleum levy in the fiscal year 2025–26. This move is part of ongoing commitments to meet IMF’s fiscal targets.
The estimated revenue from petroleum levy is projected at Rs1,311 billion for the next financial year – quite elevated than the Rs1,117 billion target set for the current fiscal year 2024–25.
