ISLAMABAD – Federal Petroleum Minister Ali Pervaiz Malik said global oil prices are beginning to decline after ships stranded in the Bab el-Mandeb Strait resumed their voyages.
In a statement, the minister said crude oil, petrol, and diesel prices in the international market were now trending downward after several days of increases.
He said any reduction in domestic fuel prices would be determined by the Oil and Gas Regulatory Authority (OGRA) under its pricing formula.
Malik also announced the formation of a committee to address issues faced by oil tanker owners, including disputes related to freight charges and transport quotas.
Meanwhile, global crude oil prices fell sharply following an easing of tensions between Iran and the United States.
Brent crude dropped 9.26% to $87.82 per barrel, while West Texas Intermediate (WTI) crude fell 7.64% to $82.49 per barrel.
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