ISLAMABAD, June 12, 2023: Minister of State for Petroleum Musadik Malik has said the prices of petroleum products would start decreasing once continuous supply of oil from Russia was ensured.
Mr Malik told a private news channel that there was going to be a huge difference in prices with the benefit being transferred to the masses when Pakistan would start meeting one-third of the domestic needs through the imported Russian oil.
“Our target is to get one-third of crude oil from Russia at discounted rate. When we will achieve the objective then the oil [petroleum products] would be available at cheaper price.”
The state minister, however, said, “I cannot share the actual price now. However, it would result in a massive difference.”
He said the first oil container had reached Karachi and the government wanted to ensure a sustained supply of Russian oil. The current deal involved 100,000 metric tonnes of oil and the second consignment would arrive at the port next week, the state minister added.
About the buying the Russian oil and its possible effects, Mr Malik said no issue would ever be generated at the world level if one adhered to the agreements while maintaining transparency.
Earlier, Prime Minister Shehbaz Sharif said that he had fulfilled another of his promises made to the nation. “Today is a transformative day. We are moving one step at a time toward prosperity, economic growth and energy security and affordability.”
“This is the first ever Russian oil cargo to Pakistan and the beginning of a new relationship between Pakistan and [the] Russian Federation,” he added.
Transferring crude oil to refinery
A day after being docked at the port, the authorities have started transferring the Russian crude from the oil tanker to the Pakistan Refinery Limited for processing and extracting different final products from the imported consignment.
It is said that the process of transporting the crude oil to the facility would be completed in the next 24 to 36 hours.
Only after processing this imported oil, Pakistan would be able to determine the actual price of POL products as the Russian crude is being treated for the first time in the country.