(Digital Itla) Federal Minister for Petroleum Ali Pervaiz Malik stated that stranded ships have cleared the Bab-el-Mandeb strait and crude oil prices in the international market are trending downward.
According to ARY News, Minister Ali Pervaiz Malik said that the ongoing rise in petroleum product prices will begin to reverse in a few days. The exact reduction amount will be determined by OGRA based on the pricing formula.
Additionally, Ali Pervaiz Malik held a meeting with a delegation from the Oil Tanker Contractors Association, where both sides agreed to resolve issues through mutual consultation.
The Petroleum Minister formed a high-level committee to address the concerns of oil tanker contractors.
Chaired by the Special Secretary for Petroleum, the committee will submit its recommendations within one week. Its members include representatives from DG Oil, OGRA, OTCA, and OCAC.
The minister directed OGRA to resolve the legitimate issues of oil tanker contractors on a priority basis and instructed Oil Marketing Companies (OMCs) to submit a written policy regarding freight contracts.
Ali Pervaiz Malik emphasized that the government’s top priority is ensuring an uninterrupted fuel supply to the public.
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