MOSCOW – As Russian cargo ship brings crude oil to Karachi, rumours were rife that Pakistan is getting Russian crude at a discounted price and it will bring fuel prices down amid record inflation.
Amid the speculations, Russian Energy Minister Nikolai Shulginov has clarified that Moscow is not offering any special discount to Pakistan.
Responding to international media, Nikolai Shulginov said oil deliveries are underway, and there is no special discount for Pakistan, saying it is the same as for other buyers. He also confirmed Pakistan paid in Chinese currency for the oil.
Islamabad and Moscow decided that payment would be made in the currencies of friendly countries, he added, and mentioned that issue of barter supplies are on table while no major decision has been made as of now.
Out of 45,000 metric tonnes of crude oil, 3,000 metric tonnes have been transported from Port Qasim to Pakistan Refinery Limited and the second shipment of Russian crude oil is expected to reach Pakistan next week.
Pakistan placed first order about two months back after signing a deal with Russia. Pakistan will evaluate the effectiveness of payment mechanism under new barter trade agreement, calculate transportation and refining costs, and margins for refineries. After processing and delivery of refined petroleum to the end consumers, the relevant authorities will submit a report regarding quality, transportation cost and commercial viability of the product to the government. After that, Pakistan will go for a long-term government-to-government deal with Russia.
Pakistan has resorted to this move to diversify sources of oil imports amid rising global prices. The country was mainly exporting crude oil from the Gulf states. Russia is a major producer of crude oil and has offered the country discounted oil prices.
Will Russian oil help reduce petrol prices by Rs30 per liter?
