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.
Also Read: No Problem with Pakistan on Importing Russian Crude Oil – US State Department
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 end of May.
