Massive reduction in petrol price expected as Pakistan aims for one-third crude oil import from Russia

Minister of State for Petroleum, Musadik Malik, has announced that the prices of petroleum products will witness a decrease once a continuous supply of oil from Russia is ensured.

Speaking to a private news channel, Malik highlighted the substantial difference in prices that will benefit the masses once Pakistan starts fulfilling one-third of its domestic oil needs through imported Russian oil. He stated, “Our target is to obtain one-third of crude oil from Russia at a discounted rate. When we achieve this objective, petroleum products will be available at a cheaper price.”

In response to a question about the expected decrease in fuel prices, Malik said, “I am unable to divulge the precise pricing details at this moment. However, it will lead to a significant difference.”

While the state minister refrained from disclosing the current price, he emphasised that a substantial reduction in price would occur. He also mentioned that the first oil cargo has already arrived in Karachi, and the government is focused on maintaining a steady supply of Russian oil.

The current deal involves 100,000 metric tonnes of oil, with the second consignment scheduled to arrive at the port next week.

When asked about the possible effects of buying Russian oil and any potential issues at the global level, Malik expressed confidence that adhering to agreements and maintaining transparency would prevent any complications. He underscored the importance of responsible international engagement.

Previously, Prime Minister Shehbaz Sharif expressed his fulfillment of another promise made to the nation, stating that the arrival of the first-ever Russian oil cargo marks the beginning of a new relationship between Pakistan and the Russian Federation. He described the day as transformative and emphasised the country’s commitment to achieving prosperity, economic growth, and energy security.

Following its docking at the port, the authorities have commenced the process of transferring the Russian crude from the oil tanker to the Pakistan Refinery Limited for further processing and extraction of various final products. The transportation of crude oil to the facility is expected to be completed within the next 24 to 36 hours.

It is worth noting that this is the first time Russian crude oil is being treated in Pakistan. The determination of the actual price of petroleum products in Pakistan will be possible only after the completion of the processing of this imported oil.