According to sources cited by Bol News on Monday, Pakistan is expected to witness a reduction in petrol prices following the arrival of oil shipments from Russia. The first cargo ship carrying oil from Russia has already reached Karachi, with further trade expected to boost the country’s economy in the coming months.
This development comes after Minister of State for Petroleum, Dr Musadik Malik, announced on May 25 that the first shipment of 100,000 tons of crude oil from Russia would be arriving at Oman Port by the end of May. From there, the oil would be gradually transported to Pakistani ports using smaller ships due to logistical considerations.
Dr Musadik highlighted that Pakistan’s annual demand for petrol and diesel amounts to 20 million tons, while local production currently stands at 10 to 11 million tons per year. The arrival of oil from Russia will help bridge this gap and alleviate the strain on domestic production.
Additionally, the consumption of furnace oil has seen a significant decline over time, further emphasizing the need for alternative sources of energy such as the oil imports from Russia.
The efforts of the current government to strengthen trade relations with Russia are being viewed positively by experts, as they believe it will have a positive impact on the country’s economy.
Overall, the arrival of oil shipments from Russia is expected to bring relief to Pakistan’s petrol prices and contribute to meeting the country’s energy needs.