Oil prices being decreased today, says Petroleum Minister

Federal Petroleum Minister Ali Pervaiz Malik has told the nation that fuel prices were being curtailed today, reported 24NewsHD TV Channel. 

Talking to media, Federal Minister Ali Pervaiz Malik said that meeting with Oil Tankers Association remained positive. 

He said that in order to address the concerns of the oil tankers association, a committee headed by the Special Secretary has been constituted which will submit report on it. The federal government and the Oil Tankers Contractors Association (OTCA) agreed to form a committee to address issues facing tanker owners within two weeks, the Petroleum Division said.

According to a statement issued by the Petroleum Division, the talks between the government and the OTCA were successful.

The OTCA delegation, led by its president, Abidullah Afridi, concluded the meeting on a positive note, with both sides agreeing to work together to resolve the issues facing the oil tanker industry, it added.

Moreover, a committee led by the special secretary for petroleum was constituted to examine the concerns raised by the association and submit its recommendations within one week.

The committee comprised the director general (oil), representatives of the Oil and Gas Regulatory Authority (Ogra) and the OTCA, and the secretary general of the Oil Companies Advisory Council (OCAC).

During the meeting, the OTCA delegation presented its key demands, including a reduction in the White Oil Pipeline quota, a transparent mechanism for the award of freight contracts by oil marketing companies (OMCs), linking the freight formula to the Consumer Price Index (CPI), and the immediate discontinuation of commercial loading.

Petroleum Minister directed OGRA to work closely with stakeholders to address the genuine concerns of oil tanker contractors, the statement said.

Reporter: Awais Kiyani