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Pakistan Petrol Price: Will the price of petrol in Pakistan be Rs 100, why such discussion?

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Fuel Price in Pakistan: The condition of Pakistan is very critical. From oil prices to food items, inflation is at its highest level. In the last month of April, the inflation rate here was more than 36 percent. People have to pay Rs 272 for filling one liter of petrol. Earlier, the price of petrol has also touched the highest level of Rs 282 per litre.

Pakistan is ready to import crude oil from Russia. In such a situation, the Federal Minister for Development and Special Initiatives, Ahsan Iqbal said in an interview with Voice of America that the effect of high oil prices can be seen due to oil imports from Russia. Will the rate be reduced by Rs 100 per litre? On this question, the minister said that there cannot be any significant change in the prices but some changes can be seen.

Assurance

The minister said that importing large quantities of crude oil from Russia would certainly result in a change in oil prices. Iqbal said that initially the import of crude oil would be less, but gradually the quantity would increase. This will help in reducing the prices of petrol and diesel. It is noteworthy that before reaching an agreement in April, Pakistan had been negotiating oil imports from Russia for several months.

How much oil does Pakistan want to import?

Pakistan’s Minister of State for Petroleum Mussadiq Malik said last month that the first shipment of Russian oil could arrive at the Karachi port by the end of May. He believes that if all goes well, the country could import 100,000 barrels per day (bpd) of Russian crude. These oils will be refined by Pakistan Refinery Limited (PRL), Pak-Arab Refinery Limited (PARCO) and others. Pakistan is planning to import one-third of its crude oil requirement.
There may be a shortage in petroleum products
Pakistan’s Minister of State said that a deal has been done with Russia. He said that he wanted to open an energy corridor with Central Asia, which would reduce the cost of energy in Pakistan and also help in the development of industry. The minister disclosed that the government aims to import 18 to 20 per cent of the total crude oil imports from Russia.