State Minister for Petroleum Musadik Malik took a dramatic U-Turn on reduction of petrol prices following the Import of Russian oil in Pakistan.
Minister for Petroleum Mr. Musadik stated that petrol prices would not be decreased even after the Russian crude oil consignment reaches to Pakistan.
During the conference, Mr. Malik wrapped up the entire discussion by succinctly stating that a single cargo would not suffice to reduce petrol prices in the country. He further emphasized that the potential decrease in price would only be possible once the country receives multiple oil consignments from Russia.
Earlier The Information Secretary of Pakistan Petroleum, Khawaja Asif Mehmood said in interview that the arrival of Russian oil led in reduction of Rs.100 per liter in the price of petrol in the country.
While talking to the media, the secretary added that, after the reduction in the price of oil in the international markets, petrol should have been cheaper in Pakistan as well. According to the agreement with Russia, Pakistan will get the oil at a discounted rate as compared to the market price.
The secretary said that Russian oil will reach Pakistan in the third week of May. The first batch is coming to Pakistan as a trial. He also highlighted that, right now, Pakistan has two refineries that can process the Russian oil, while work is needed on other refineries.
The first shipment of Crude Oil likely to reach Pakistan in the last week of May or the first week of June. Pakistan will get a discount of up to $18 per barrel on this shipment.
Pakistan will pay for the Russian oil with Chinese Yuan, and the test cargo, which carries 750,000 barrels of crude, is expected to supply in June.
Sources indicate that the Bank of China may facilitate the transactions.
Additionally, a senior official from the Ministry of Energy told that the cargo may also arrive by the first week of June.