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How much discount will Pakistanis get on petrol price after Russian oil import?

03:02 PM | 27 May, 2023
How much discount will Pakistanis get on petrol price after Russian oil import?
Source: File Photo

ISLAMABAD – The first shipment of crude oil from Russia is set to arrive in Pakistan by the month’s end, while Pakistanis, who are facing record food and fuel prices, are expecting major relief in fuel prices.

Amid all the hype around Russian oil, Minister for Planning, Development, and Special Initiatives Ahsan Iqbal cleared the air in his recent interaction with a foreign media outlet.

PML-N stalwart responded in negative when asked whether the fuel prices would be cut by Rs100 following the Russian oil import. The minister said people will get relief once the South Asian country started importing Russian oil but he refrained from quoting any figures.

He said in the first phase, a limited quantity of imported oil is being imported and it will increase in the coming months.

Lately, the Pakistani Minister revealed the government’s plans to import one-third of the total crude oil requirements from Moscow.

Earlier, cabinet members claimed that discounted crude provides Pakistan, which is already struggling financially due to a balance of payments problem and dangerously low foreign exchange reserves, with much-needed relief as vast majority of the country's foreign payments are made for energy imports.

According to statistics from analytics company Kpler, Pakistan imported 154,000 barrels of oil per day in 2022, which was essentially flat from the previous year. Saudi Arabia, the biggest exporter in the world, and the United Arab Emirates provided the majority of the crude.

Daily Pakistan Global Web Desk

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Pakistani rupee rate against US Dollar, Euro, Pound, Riyal - Check 14 April forex rates

Pakistani currency remains unchanged against US dollar and other currencies in open market on April 14, 2024.

US Dollar rate in Pakistan

On Sunday, the US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro was quoted at 299.95 for buying and 302.9 for selling while British Pound stands at 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.45 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 14 April 2024

Source: Forex Association of Pakistan. (last update 08:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 299.95 302.9
UK Pound Sterling GBP 349.5 353
U.A.E Dirham AED 75.45
 
76.2
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 182.7 184.5
Bahrain Dinar BHD 739.38 747.38
Canadian Dollar CAD 204 206.2
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86
 
1.94
Kuwaiti Dinar KWD 903.91 912.91
Malaysian Ringgit MYR 58.92 59.52
New Zealand Dollar NZD 167.63 169.63
Norwegians Krone NOK 25.38 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.35 77.05
Singapore Dollar SGD 206 208
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.61 7.76

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