Minister of State for Petroleum Musadik Malik said on Tuesday that the import of cheap oil from Russia would not result in an immediate decrease in fuel prices, but a gradual decline would be seen once the oil supply from Moscow becomes continuous.
In a pre-recorded video message played at the Pakistan Energy Conference 2023, the minister said: “Importing oil from Russia is not a [mere] promise. It’s not just talk. The ships have reached Oman and the supply of cheap Russian oil to Pakistan will begin in a week.”
However, he continued, one ship of oil wouldn’t make a difference on the fuel cost. “But once the supply becomes persistent, the fuel cost will gradually decrease.”
The minister said the government’s target was to use cheap oil, including from Russia, to fulfil one-third of the country’s crude requirements.
Malik made these remarks while elaborating on the government’s plan to ensure the supply of sufficient energy in the country in a sustainable manner and at an affordable price.
Pakistan, the world’s fifth most populous country, faces chronic energy shortages and imports 84 per cent of its petroleum products, overwhelmingly from Gulf Arab allies Saudi Arabia and the United Arab Emirates.
Import of cheap Russian oil is one of the avenues that Pakistan has been pursuing to mitigate its energy crisis amid global efforts to choke off Russia’s oil exports that help fund its invasion of Ukraine.
