ISLAMABAD – People in a country with struggling economy are facing soaring fuel prices and the fresh import of Russian oil was said to be a breath of fresh air as people are expecting a huge dip in prices of petrol.
As per the latest announcement, petrol is being sold at Rs270 per liter while rumors claimed that the price will plunge to Rs170 after Rs100 cut, despite the fact that IMF told Pakistan to scrap all subsidy programs.
Rumors soon engaged people, and then Minister for Planning, Development and Special Initiatives Ahsan Iqbal responded to the question in a recent interview with VOA. Speaking with the foreign publication, the federal minister shoots down the rumors of the price of petrol which will be slashed by Rs100 once Russian oil reached cash strapped nation.
Iqbal, a close aide of the Prime Minister, was of the view that prices will be changed in the long run once the South Asian nation started importing large quantities of Russian oil.
He said the Russian oil will help lower price in coming months, as cash strapped nation is finding it hard to pay for its import bills, most notably oil.
Iqbal mentioned that the government has finalised a comprehensive energy security agreement with Russia, which would cover different aspects of the energy supply.
He stressed starting an energy corridor with Central Asia, which according to the PML-N leader will reduce the cost of energy in Pakistan.
Islamabad and Moscow earlier started talks for an oil deal, and the first shipment of crude oil is likely to dock at the Karachi port this month. Pakistan mulled importing 100,000 barrels per day of Russian crude oil if everything goes pleasantly.
