'Petrol Prices to Come Down After Russian Oil Arrival'

ISLAMABAD: Economic Expert Hafeez Pasha on Monday expressed hope that the petrol and diesel prices might see a decrease following the arrival of Russian oil in Pakistan, ARY News reported on Tuesday.

According to the details, the former finance minister, Hafeez Ahmed Pasha, during an interview with the ARY News program,” stated that there is a possibility of a temporary reduction in petrol prices in Pakistan as a result of the arrival of Russian crude oil shipments.

Hafeez Pasha expressed his belief that the Pakistan Diesel Limited (PDL) can be brought up to Rs 75 per liter as currently, the PDL is charging Rs 50 per liter.

The former Finance Minister stated that the annual average inflation rate stands at 30 per cent, while essential food and beverage items have witnessed a staggering 50 percent increase in prices.

It is pertinent to mention here that earlier this week, the first ship carrying Russian oil has anchored at Karachi port.

As per details, the ship brought 45,142 metric tons of crude oil to Pakistan. The ship which arrived before the cyclone was anchored at berth OP2.

Minister of State for Petroleum Dr Musadik Malik earlier said the first shipment of 100,000 tons of crude oil from Russia was poised to anchor at Oman Port by the month’s end, from where it would be gradually brought to Pakistani ports by small ships.

Experts said that the launch of shipping services will reshape trade relations between both countries, with immense business opportunities and the potential to extend bilateral trade up to US$20 billion.

Read more: Pakistan says the first shipment of Russian oil expected by month end

The direct cargo service will drastically reduce shipping time from a month to 18 days. The first vessel will arrive at Karachi today, while the second direct ship is expected to arrive at the port by May 29.