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Russia agrees to provide crude oil, petrol at discounted rates to Pakistan: Musaddik Malik

05:45 PM | 5 Dec, 2022
Russia agrees to provide crude oil, petrol at discounted rates to Pakistan: Musaddik Malik
Source: File Photo

ISLAMABAD – Minister of State for Petroleum Division Musadik Malik said on Monday that Russia had agreed to provide crude oil as well as petrol and diesel to Pakistan at discounted price.

Addressing a press conference, he said that Pakistani delegation’s recent visit to Moscow turned out to be more productive than expected.

A Pakistan delegation comprising Musadik Malik, Secretary Petroleum Capt (retd) Muhammad Mahmood, Joint Secretary and other officials visited Russia in late November to reach an agreement for the import of crude oil and other petroleum products at discounted rates.

He said the delegation also held talks with private firms of Russian for the import of LNG as Pakistan likely to face severe shortage of gas in this winters.  He said that talks regarding the gas pipeline were also remained productive.

Last week, reports claimed that the Pakistani delegation sought a 30-40% discount on Russian crude oil during talks, but Moscow avoided giving any offer due to its previous commitments to others.

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Pakistani rupee exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 26 Feb 2024

Pakistani currency remains stable against US dollar in the open market on February 26, 2024 (Monday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 26 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94

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