Petrol prices may improve soon: Petroleum minister

Petrol prices may improve soon: Petroleum minister

Federal Minister for Petroleum Ali Pervaiz Malik has expressed optimism that petroleum product prices may start moving downward in the coming days, offering potential relief to consumers amid recent price increases.

Speaking to the media in Islamabad, the petroleum minister said that oil tankers previously stuck near the Bab el-Mandeb Strait had now begun moving out, which could help ease pressure on the country’s fuel supply and transportation system.

Ali Pervaiz Malik said the recent upward trend in petroleum prices could soon reverse as supply-related challenges ease. He added that the Oil and Gas Regulatory Authority (OGRA) would determine the prices of petroleum products in accordance with the established pricing formula.

The minister also addressed concerns raised by oil tanker owners over freight rates and allocated transportation quotas. He said the government had formed a committee to examine these issues and work toward resolving the problems faced by the tanker industry.

He further explained that the committee would review matters related to tanker rents and quotas and recommend measures to address the concerns of stakeholders.

The minister’s remarks come as consumers closely monitor fuel prices, with any reduction potentially easing transportation costs and providing some relief to households and businesses.