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Russian Oil Import Might Descend Oil Prices By Rs.100/liter This Month

Khawaja Asif Mehmood, the Information Secretary of Pakistan Petroleum, has indicated that the price of petrol in the country could decrease by up to Rs. 100 per liter following the arrival of Russian oil. 

Speaking to the media, he stated that given the drop in oil prices in international markets, petrol should have been cheaper in Pakistan too. However, as per the agreement with Russia, Pakistan will receive oil at a discounted rate compared to the market price.

Read More: Rupee Reverses Gains Against US Dollar, Other Currencies

Mehmood explained that the first batch of Russian oil, which is coming as a trial, will arrive in Pakistan in the third week of May. At present, only two refineries in Pakistan can process the incoming oil, while work is needed on other refineries. The first shipment of crude oil will reach Pakistan in the last week of May or the first week of June, with a discount of up to $18 per barrel.

This is an optimistic development for the Pakistani public, who are facing the challenge of inflation.

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