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US asks Pakistan to follow G7 price cap for oil import from Russia

Web Desk 09:52 PM | 18 Mar, 2023
US asks Pakistan to follow G7 price cap for oil import from Russia
Source: File photo

ISLAMABAD – The United States has advised Pakistan to follow the Group of Seven (G7) price cap in order to get the best price deal for the import of Russia crude oil.

In an exclusive interview, State Department Assistant Secretary for Bureau of Energy Resources Geoffrey Pyatt reiterated his country's commitment to bilateral energy cooperation under the ‘Green Alliance’ framework. He backed the Turkmenistan-Afghanistan-Pakistan-India (Tapi) pipeline and the Central Asia-South Asia (Casa) projects as part of American diplomacy.

Pyatt visited Pakistan accompanied by a multiple-agency delegation to signal the US commitment to a very strong partnership and also to reflect on the important transitional moment that has arrived.

He said that the Tapi and Casa projects were part of American diplomacy to connect regions, adding that Washington would not give up on these projects despite the challenges after the Afghan Taliban returned to power in Kabul.

Pyatt said the United States supported the vision of regional connectivity. “We saw the benefits of energy security and the benefit for Central Asian countries as they can diversify the options for exporting energy resources,” he added.

Indicating that there were more challenges after the Taliban returned to power, he said: “This does not mean we are giving up the vision of regional connectivity. This is a principle of American energy diplomacy worldwide.”

In the interview, Pyatt mentioned two significant transitions emerging in global energy. One’s Russia, which being the largest oil and gas explorer, he said, had weaponised oil and gas against Europe.

He cited the consequences of the war in Ukraine, which led to a spike in gas prices last year. He said that the spike in prices even began before February when Russian President Vladimir Putin first “weaponised gas supplies” against Europe.

He added that in the current war, Russia would never be viewed as a reliable energy supplier again, and “this has significant implications for every country where energy is important”, including Pakistan.

“Pakistan, like Bangladesh, India, and other developing countries, became victims of Gazprom’s actions,” he said. “Russia is not a reliable energy supplier,” he added, speaking about the much-talked-about oil deal between Pakistan and Russia.

Pyatt hoped that Pakistan conducted negotiations with Russia for crude oil supply “as hard as it can” to drive the best possible price, stressing that the G7-Plus post-mechanism on crude oil had set the leverage for Russian oil import to Europe.

“This is a buyer’s market when it comes to Russian crude oil, it is a good time for Pakistan to get the best price that they possibly can,” he said, emphasising that the best price cap regime with G7 countries was intended to do two things, simultaneously.

“Firstly, the objective is to reduce the resources that Russia gets from its oil and gas, which were going directly to fund the war; and secondly, the objective is to avoid further disruption of supplies in the international market,” he said.

“The policy aims to empower countries like Pakistan or India, who are still doing business with Russia to hopefully make their position stronger in negotiations to get the best possible price.”

Regarding the energy cooperation with Pakistan, Pyatt said that Islamabad and Washington had a formal structure for energy dialogue, which was hosted at the Pakistani Ministry of Power.

“We focus on how we can work together to accelerate Pakistan’s energy transition to support the Pakistani government’s efforts to deliver energy at a cost that is sustainable for the economy and citizens,” Pyatt said in the interview.

“Expanding energy access in a developing country like Pakistan is one of the interesting aspects of this energy revolution, which offers solutions for microgrids, off-grids, and rooftop solar energy systems,” Pyatt continued.

He believed that there was a “real opportunity” for Pakistan. “We have agreed to prioritise the partnership between private sectors. Therefore, I have visited Lahore to meet with leaders of the business community to see what is happening on the ground.”

Web Desk
Web Desk

Daily Pakistan Global Web Desk

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on March 31, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on March 31, 2023 (Friday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 283.8 286.6
Euro EUR 306 309
UK Pound Sterling GBP 347.5 351
U.A.E Dirham AED 77.2 79.9
Saudi Riyal SAR 75.6 76.4
Australian Dollar AUD 187.5 189.9
Bahrain Dinar BHD 753.99 761.99
Canadian Dollar CAD 206.5 208.7
China Yuan CNY 41.25 41.65
Danish Krone DKK 41.26 41.51
Hong Kong Dollar HKD 36.11 36.46
Indian Rupee INR 3.45 3.56
Japanese Yen JPY 2.15 2.22
Kuwaiti Dinar KWD 925.67 934.67
Malaysian Ringgit MYR 62.85 63.45
New Zealand Dollar NZD 175.57 177.58
Norwegians Krone NOK 26.33 26.63
Omani Riyal OMR 736.34 744.35
Qatari Riyal ‎QAR 77.92 78.62
Singapore Dollar SGD 209.5 211.5
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 308.25 310.75
Thai Bhat THB 8.28 8.43

Today's gold rates in Pakistan – 31 March 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 208,200 on Friday. The price of 10 grams of 24k gold was recorded at Rs178,500.   

Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,849.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 208,200 PKR 2,470
Karachi PKR 208,200 PKR 2,470
Islamabad PKR 208,200 PKR 2,470
Peshawar PKR 208,200 PKR 2,470
Quetta PKR 208,200 PKR 2,470
Sialkot PKR 208,200 PKR 2,470
Attock PKR 208,200 PKR 2,470
Gujranwala PKR 208,200 PKR 2,470
Jehlum PKR 208,200 PKR 2,470
Multan PKR 208,200 PKR 2,470
Bahawalpur PKR 208,200 PKR 2,470
Gujrat PKR 208,200 PKR 2,470
Nawabshah PKR 208,200 PKR 2,470
Chakwal PKR 208,200 PKR 2,470
Hyderabad PKR 208,200 PKR 2,470
Nowshehra PKR 208,200 PKR 2,470
Sargodha PKR 208,200 PKR 2,470
Faisalabad PKR 208,200 PKR 2,470

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