Petroleum Minister Ali Pervez Malik has indicated that Pakistani consumers may soon see some relief in petrol and diesel prices after the country’s oil cargoes safely passed through the Bab-al-Mandeb chokepoint, where shipping had faced disruption due to Houthi attacks.

Speaking to journalists after successful talks with the Oil Tankers Contractors Association (OTCA), the minister said international crude oil and refined fuel prices were already showing a downward trend.

He explained that Pakistan’s fuel pricing mechanism, managed by the Oil and Gas Regulatory Authority (Ogra), is based on the weekly average of international prices.

As a result, any sustained decline in global oil prices should gradually be reflected in domestic fuel prices, either immediately or in the coming pricing cycle.

The minister also said the government would first ensure that the public benefits from lower prices before considering any future changes to the pricing schedule, such as returning to weekly or fortnightly revisions.

In addition to discussing fuel prices, the meeting focused on long-standing concerns raised by oil tanker operators regarding freight charges, quota allocations and transparency in transport contracts.

A joint committee comprising representatives from the Petroleum Division, Ogra, the OTCA and the Oil Companies Advisory Council has been established to review these matters and submit recommendations within a week.

The government also directed Ogra to improve tanker tracking, review freight policies submitted by oil marketing companies, and address any discriminatory practices.

The minister reiterated that maintaining uninterrupted fuel supplies and resolving stakeholders’ genuine concerns through consultation remain the government’s top priorities.