LAHORE – The prices of petroleum products are expected to drop by Rs 30 per liter as the process of offloading and storage discharging of the oil coming from Russia is going on at Port Qasim Karachi. According to the sources of the Ministry of Petroleum, the payment for Russian oil was made in Chinese currency, the large ships coming from Russia at Oman port, one ship of 45000 tons of which has reached Pakistan, while the other ship of the remaining oil will arrive in the next few days. Sources say that in the next two weeks, Russian oil will enter the market, an agreement has been signed with Russia initially for 100,000 barrels, after the results of the first shipment, 700,000 barrels of oil will come to Pakistan. The effects of price relief from Russian oil are likely to come through July 1.
The first batch of crude oil imported from Russia has been started to be discharged from the storage of Pakistan Refinery Limited which will be completed in 30 hours. The amount of crude oil purchased from Russia will be increased in future. Sources in the petroleum sector said that the characteristics of Russian crude oil “Urals” are similar to the crude oil imported to Pakistan from Saudi Arabia and Abu Dhabi, so there will not be any problems at the refinery level. Only a limited amount of Russian crude oil has been refined in Pakistan refinery.
Pakistan signed an agreement to purchase seven and a half million tons of Russian crude oil, which will arrive at Oman’s Karachi port in the form of fourteen to fifteen parcels. Two ships are expected to arrive weekly. It is less than 10% so the cost of manufactured products will not be significantly affected, Pakistan imports 6.5 lakh tons of crude oil on a monthly basis. Sources said that after the completion of the initial deal with Russia, consideration will be given to increase the purchase of crude oil from Russia, taking into account the results.
