ISLAMABAD: According to reliable insider information from the Ministry of Petroleum, a vessel carrying 100,000 barrels of oil from Russia has arrived in Pakistan and is currently being unloaded and stored. The government has plans to import an additional 700,000 barrels of oil from Russia, depending on the success of this initial shipment.
The arrival of Russian oil is expected to lead to a decline in petroleum product prices in Pakistan. It is anticipated that the prices of petrol and diesel could be reduced by up to 40 rupees per liter from July 1st.
The first consignment of oil, weighing 45,000 tons, will be refined at the PARCO refinery. Russian oil is expected to be available for purchase in the local market within the next two weeks.
Yesterday, Senator Mian Muhammad Soomro, the Federal Minister for Petroleum, announced in a press statement that the payment for the imported crude oil from Russia has been made in Chinese currency, rather than in US dollars.
This is a significant development for Pakistan, as it reduces the country's reliance on oil imports from the United States and other Western countries. It also marks a strengthening of ties between Pakistan and Russia.
The government is hopeful that the import of Russian oil will help to stabilize the country's economy and provide relief to consumers who have been struggling with rising fuel prices.
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