Khawaja Asif Mehmood, Information Secretary of Pakistan Petroleum, stated that the arrival of Russian oil may result in a Rs. 100 per litre decrease in petrol prices in the country.
In an interview with the media, the secretary stated that with the drop in the price of oil on international markets, petrol should have been cheaper in Pakistan as well. According to the agreement with Russia, Pakistan will receive the oil at a lower price than the market price..
Also Read: The Bank of China has issued a letter of credit to Pakistan for Russian oil imports.
According to the secretary, Russian oil will arrive in Pakistan in the third week of May. The first batch is being sent to Pakistan as a test. He also stated that Pakistan currently has two refineries that can process inbound oil, with additional work needed on other refineries.
The first crude oil shipment will arrive in Pakistan in the last week of May or the first week of June. On this shipment, Pakistan will receive a discount of up to $18 per barrel.
This is a promising development for the Pakistani people, who have been crippled by inflation.
