Oil prices further decreased in the international market on Tuesday as market participants weighed the possibility of an OPEC+ decision to further increase its crude oil output at a meeting later this week.
Brent crude futures shed 12 cents, or 0.19 per cent, to $64.62 a barrel by 0022 GMT, while US West Texas Intermediate crude was down 15 cents, or 0.24 per cent, at $61.38 a barrel.
“Crude oil edged lower as the market contemplated the outlook for rising OPEC supply,” Daniel Hynes, senior commodity strategist at ANZ, said in a note.
Eight OPEC+ members that had pledged additional voluntary cuts are now expected to meet on May 31, one day earlier than previously scheduled, three sources within the group told Reuters on Monday.
Though the oil prices have witnessed a significant decrease in the international market, prices in Pakistan were not reduced by the government as per the decline in the international market.
As per experts, the government of Pakistan could cut the petroleum prices by up to Rs15 to 20 in the last two months, but it did not pass the price cut to the public due to the economic situation of the country and instead provided a relief to the public in electricity prices.
The government is revising the fuel prices fortnightly, but keeping in view the previous experience, a significant reduction in petroleum prices is unlikely from the first of June.
