Petrol price likely to decrease
ISLAMABAD: According to Khawaja Asif Mehmood, the Information Secretary of Pakistan Petroleum, the price of petrol is expected to drop significantly with the arrival of the first consignment of Russian oil in Pakistan later this month. The secretary informed the media that the price of petrol could potentially decrease by Rs100 per litre, which would be a substantial relief for the masses as the current price of the commodity is above Rs280 per litre.
The Secretary added that a ship carrying Russian oil is anticipated to reach Pakistan in the third week of May. The top babu maintained that the crude oil would be processed at the domestic refineries before supplying it to the market. However, due to the limited refining capacity of the country, the Secretary emphasized the need to establish more facilities to handle the inbound oil.
It is worth mentioning that officials at refineries in Pakistan had expressed concerns about the existing setup, which can only process up to 30 percent of Russian crude oil, owing to technical and operational constraints.
To read more: ISPR rejects Imran Khan’s allegations against serving army officers
The reports suggest that Pakistan, which is grappling with tough economic conditions, will receive a discount of up to $18 per barrel on the first shipment. This will significantly reduce the cost of imported oil, which will ultimately help alleviate some of the country’s economic woes.
In conclusion, the expected arrival of the first consignment of Russian oil in Pakistan is a promising development that could potentially lower the cost of petrol and offer much-needed relief to the masses. However, Pakistan needs to invest in enhancing its refining capacity to efficiently process and utilise the imported oil.
On April 30, the federal government decreased the petroleum prices by up to Rs10 per litre.
In a televised address, Federal Minister for Finance Ishaq Dar announced the new prices. However, the government kept the petrol price unchanged.
The price of high speed diesel slashed by Rs5 to Rs288 per litre. The price of light diesel decreased by Rs10 per litre and it reached 164.68 per litre. The kerosene oil’s price also witnessed a decrease of Rs10 per litre and it will be available at the rate of Rs176.7.
To read more: Gold price touches record high of Rs226,900 per tola in Pakistan
