Petrol Prices to Reduce by Up to Rs. 100 on Russian Oil Arrival
Impact of Russian oil on petrol prices in Pakistan resulting in a probable decrease in prices by Rs 100.
The arrival of Russian oil in Pakistan is expected to have a significant impact on the country's fuel prices. State Minister for Petroleum, Musadik Malik, confirmed that a cargo of Russian oil is set to dock at Karachi port next month. This has led to various speculations and discussions about the possible decrease in petrol prices. However, a slight decrease will be a huge whip to rising inflation benefiting the common man.
The Arrival of Russian Oil
Secretary Information Pakistan Petroleum Association Khawaja Asif Mehmood confirmed that the Russian oil will arrive in the third week of this month on a trial basis. The discounted oil from Russia will ultimately benefit the local market as the country is seized by all times-high inflation curves.
Earlier this month, the minister for Petroleum stated the placement of the first consignment of Russian discounted oil that will dock at Karachi in the month of May. Unlike 154,000 barrels per day of crude oil imported in 2022, it is probable to import 100,000 barrels per day if the transaction goes successful.
Expected Reduction in Petrol Prices
Khawaja Asif Mehmood stated that the price of petrol should be reduced by at least half a dollar, i.e., up to Rs. 100 after Russian oil reaches Pakistan.
This would prove beneficial for the consumers as the country is under a severe economic meltdown that has triggered many industries to halt their production and services within the country.
Current Petrol Prices 2023
Current petrol prices for the month of May 2023 in Pakistan are;
Pakistan to Pay for Russian Oil Test Cargo in Chinese Yuan
In May or June, Pakistan is set to receive a test cargo of 750,000 barrels of Russian crude oil, Startup Pakistan reported. the payment for it is expected to be made in Chinese Yuan, with the possible involvement of the Bank of China in facilitating the transaction.
In conclusion, the arrival of Russian oil in Pakistan is expected to bring significant changes to the country's fuel industry. The expected reduction in petrol prices will benefit the common man and the economy of Pakistan. However, it remains to be seen how the arrival of Russian oil will affect Pakistan's fuel industry in the long run.
