Bab-al-Mandeb | Pakistan

ISLAMABAD: Petroleum Minister Ali Pervez Malik on Monday hinted at a decline in petrol and diesel prices following the clearance of Pakistan’s oil cargoes stuck at the Bab-al-Mandeb chokepoint due to Houthi attacks. “Today’s good news is that our ships stuck at Bab-al-Mandeb have come out safely,” the minister said, adding that crude oil, diesel and petrol prices were easing in the global market. The minister, who spoke to journalists after talks with the Oil Tankers Contractors Association (OTCA), said the government had put in place a transparent pricing formula that would hopefully lead to an improvement in prices. He said the formula, based on the weekly average of the international market, was being operated by the Oil and Gas Regulatory Authority (Ogra), and that if not today, prices would start declining from tomorrow, depending on the weekly average. Responding to a question about whether the government could return to weekly or fortnightly pricing after the current crisis was over, the minister said,...