ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik has hinted at a possible reduction in petrol prices in Pakistan, saying the public can expect “good news” as international crude oil prices continue to decline following easing geopolitical tensions in the Middle East.
Speaking to reporters on Monday, Malik said global prices of crude oil, petrol, and diesel have moved downward, creating room for a reduction in domestic petroleum prices in the upcoming review.
“There is good news for the public. Petroleum product prices are likely to come down,” the minister said, expressing optimism that consumers would benefit from the decline in international oil markets.
However, he clarified that the final adjustment would be determined by the Oil and Gas Regulatory Authority (OGRA) under the government’s transparent pricing mechanism.
“The pricing formula is now fully transparent. OGRA will determine the extent of the price reduction according to the prescribed formula,” Malik said, adding that the government remains committed to passing on the benefit of lower global oil prices to consumers whenever possible.
The minister also shared details of his meeting with the Oil Tankers Association, describing the discussions as productive. He announced the formation of a committee headed by the Special Secretary for Petroleum to address issues facing oil tanker operators, including freight rates, transport quotas, and operational challenges.
Malik further confirmed that Pakistani vessels stranded near the Bab el-Mandeb Strait had safely resumed their journey, easing concerns over disruptions to fuel supplies.
The expected relief comes after global oil prices fell sharply as the United States and Iran paused military strikes over the weekend, raising hopes for renewed diplomacy and reduced tensions in the region. The development also improved expectations for smoother shipping through the Strait of Hormuz, a vital route for global oil exports.
Brent crude futures dropped by nearly 6% to around $91 per barrel, while US West Texas Intermediate (WTI) crude declined more than 5% to approximately $84.50 per barrel, marking their lowest levels in almost a week.
If the downward trend in international oil prices continues, analysts believe Pakistan could see a notable reduction in petrol and diesel prices in the next fortnightly review, providing much-needed relief to consumers facing high transportation and living costs.
