Connect with us

Business

Will petrol price drop by Rs100 in Pakistan after Russian oil import?

Published

2 years ago

on

With all the hype around Russian oil, the foremost question that every Pakistani has is what effect the imported oil will have on the high fuel prices.

Minister for Planning, Development and Special Initiatives Ahsan Iqbal answered the question in a recent interview with Voice of America (Urdu).

When asked whether the price of petrol — which had reached a record high of Rs282 per litre and currently stands at Rs272 per litre — would be slashed by Rs100 once Russian oil reached Pakistan, the minister responded in the negative.

“There might not be a significant difference,” he said. However, the price would “definitely reduce” once Pakistan started importing large quantities of Russian oil, he added.

“At the beginning, the quantity of imported oil is small, but as it increases in six months to a year, it will help reduce petrol prices,” Iqbal said.

Pakistan and Russia had been negotiating an oil deal for months before reaching an agreement in April.

The first shipment of Russian oil is expected to dock at the Karachi port in late May, State Minister for Petroleum Mussadik Malik had said last month. The country would seek to import 100,000 barrels per day (bpd) of Russian crude oil if the first transaction went smoothly, he had added.

Initially, the Pakistan Refinery Limited (PRL) would refine the crude oil in a trial run, to be followed later by Pak-Arab Refinery Limited (PARCO) and other refineries.

A day earlier, Malik shared that Pakistan plans to import one-third of the country’s total crude oil requirements from Russia.

The state minister revealed that the government has finalised a comprehensive energy security agreement with Russia, which would cover different aspects of the energy supply in the country.

Malik said: “We want to open an energy corridor with Central Asia like the one we have with Gulf countries.”

“This would reduce the cost of energy in the country and would be helpful in the development of industrial clusters and value additions in the agriculture sector,” he maintained.

The minister revealed that the government’s objective is to import 18-20% of its total crude oil imports from Russia, with the hope that this move will substantially lower petroleum product prices for domestic consumers.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

5 days ago

on

By

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Continue Reading

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

6 days ago

on

By

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

Continue Reading

Business

The inflation rate in Pakistan dropped to its lowest level.

Published

6 days ago

on

By

On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

Continue Reading

Trending