Khawaja Asif Mehmood, the Information Secretary of Pakistan Petroleum, has revealed that the arrival of Russian oil is likely to result in a potential decrease of Rs. 100 per liter in petrol prices across the country.
Speaking to the media, Mehmood expressed that given the decline in international oil prices, petrol should have been more affordable in Pakistan as well. However, under the agreement with Russia, Pakistan will procure oil at a discounted rate compared to the prevailing market price.
Mehmood further informed that the Russian oil shipment is scheduled to reach Pakistan during the third week of May, with the initial batch serving as a trial. Currently, Pakistan possesses two refineries capable of processing the incoming oil, while additional work is required on other refineries to facilitate the process.
In related news, the first shipment of crude oil is expected to arrive in Pakistan by the end of May or the beginning of June. As part of this shipment, Pakistan will benefit from a discount of up to $18 per barrel.
This development brings hope to the Pakistani public who have been grappling with the burden of inflation, providing a promising outlook for the future.
