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.
Pakistan buys its first cargo of discounted Russian crude oil
