ISLAMABAD – The Pakistani government has sought industrial experts' opinion on oil import from Russia.
The move to procure oil from Russia at a cheaper rate comes at a time when the country is suffering from a very acute financial crisis and the IMF is reluctant to approve the next installment of the multi-billion dollar loan programme.
Pakistan’s monthly fuel oil imports are set to hit a four-year high in June, according to Refinitiv data.
The country’s fuel oil imports could climb to about 700,000 tonnes this month, after hitting 630,000 tonnes in May, according to Refinitiv estimates. Imports last peaked at 680,000 tonnes in May 2018 and 741,000 tonnes in June 2017.
In a letter written to the managing directors of the Pak-Arab Refinery, National Refinery, Pakistan Refinery and Byco Petroleum, Pakistan's Energy Ministry directed them to submit the following analysis:
He said that as against the PTI-led government's claim in this regard, there were no official agreements between the two states regarding the import of cheap oil. However, a letter was sent to Russia by the previous government.
The state minister added that if Russia was willing to sell oil to Pakistan at cheaper rates, the government would definitely consider the option but would "ensure striking deals which would not result in any types of international sanctions on Pakistan."
On the other hand, Finance Minister Miftah Ismail had earlier this month said that Western sanctions have made importing oil from Moscow impossible despite the Pakistani government's request to buy wheat from Russia and Ukraine.
Miftah had also stated that Pakistan would surely consider if Russia offers oil trade at cheaper rates as there are no restrictions on buying the supply.
Former finance minister and senior PTI leader Shaukat Tarin also said that the coalition government "should have purchased cheap oil from Russia" as the previous Imran Khan-led government had already written a letter in this regard.
Pakistani rupee inches up against US dollar in the open market on 28 March, 2024.
In the open market, the US dollar was being quoted at 278.4 for buying and 281.4 for selling.
Euro moves down to 299.75 for buying and 302.75 for selling while British Pound hovers around 353.75 for buying, and 357.25 for selling.
UAE Dirham AED remains stable at 75.55 whereas the Saudi Riyal saw minor increase, with new rates at 73.70.
Currency | Symbol | Buying | Selling |
---|---|---|---|
US Dollar | USD | 278.4 | 281.4 |
Euro | EUR | 299.75 | 302.75 |
UK Pound Sterling | GBP | 353.75 | 357.25 |
U.A.E Dirham | AED | 75.55 | 76.3 |
Saudi Riyal | SAR | 73.7 | 74.4 |
Australian Dollar | AUD | 182.9 | 184.7 |
Bahrain Dinar | BHD | 739.61 | 747.61 |
Canadian Dollar | CAD | 204.25 | 206.45 |
China Yuan | CNY | 38.74 | 39.14 |
Danish Krone | DKK | 40.30 | 40.70 |
Hong Kong Dollar | HKD | 35.55 | 35.9 |
Indian Rupee | INR | 3.33 | 3.44 |
Japanese Yen | JPY | 1.86 | 1.94 |
Kuwaiti Dinar | KWD | 901.14 | 910.14 |
Malaysian Ringgit | MYR | 59.25 | 59.85 |
New Zealand Dollar | NZD | 168.56 | 170.56 |
Norwegians Krone | NOK | 26.19 | 26.49 |
Omani Riyal | OMR | 724.36 | 732.36 |
Qatari Riyal | QAR | 76.57 | 77.27 |
Singapore Dollar | SGD | 206.25 | 208.25 |
Swedish Korona | SEK | 26.89 | 27.19 |
Swiss Franc | CHF | 313.78 | 316.28 |
Thai Bhat | THB | 7.76 | 7.91 |
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