Federal Petroleum Minister Ali Pervaiz Malik has said that relief in petroleum product prices is expected in the coming days as global oil market conditions begin to stabilize.
Speaking to the media in Islamabad, the minister said that oil tankers stranded near the Bab-el-Mandeb Strait have resumed their journey, helping restore stability in international oil markets. He added that the recent upward trend in prices is expected to improve.
Malik clarified that petroleum prices in Pakistan are determined by OGRA under its prescribed pricing formula. He also announced that a committee has been formed to address the concerns of oil tanker owners, including issues related to freight charges and quota allocations.
