Govt expects relief in fuel prices as Bab el-Mandeb shipments resume

Federal Petroleum Minister Ali Pervaiz Malik has said that international crude oil and refined fuel prices are beginning to decline after ships stranded in the Bab el-Mandeb Strait resumed their voyages, 24NewsHD TV reported on Monday. 

In a statement, the minister said the recent upward trend in global prices has started to reverse, with crude oil, petrol and diesel prices moving downward in the international market. 

He expressed hopes of relief in domestic petroleum prices.

Ali Pervaiz Malik said the Oil and Gas Regulatory Authority (OGRA) will determine local petroleum prices under its prescribed pricing formula.

He did not confirm whether fuel prices in Pakistan would be reduced but indicated that any adjustment would be made in line with the regulatory mechanism.

The minister also announced the formation of a committee to address the concerns of oil tanker owners.

He said the committee will examine issues related to oil tanker freight charges and quota allocations and work towards resolving the long-standing concerns of the transport sector.