Pakistan’s Crude Oil Imports Shift
KARACHI – Pakistan’s suspension of Russian crude oil purchases arose due to local refineries’ struggles in deriving the same petrol and diesel quantities from imported crude as they do from Gulf crudes.
Pakistan’s Crude Oil Imports Shift-Reports from the media indicate that Islamabad has paused the import of crude oil from Moscow due to a higher yield of furnace oil compared to petrol. This situation further compounds the challenges faced by the crisis-hit nation, which turned to importing crude from Russia due to favorable prices.
Approximately two months after the initial Russian oil tanker’s arrival, Pakistan Refinery Limited opted to discontinue refining the imported crude. The outcome was a smaller petrol yield and 20% more furnace oil than what was obtained from crude oil imports originating from Gulf states.
The current advantages of refining Russian crude oil appear limited, with exporting a larger quantity of furnace oil at a reduced price seeming like a viable alternative.
According to media reports citing sources, the financial gain for Pakistan Refinery Limited resulting from this import ranged between Rs0.50 and Rs1 per liter, an amount considered insufficient to make a notable difference.
Also Read: Mark Coles’: Women’s Team Head Coach Steps Down
The import of Russian oil has not brought about significant changes thus far. Shipments did not cause a decrease in prices; on the contrary, the outgoing government raised petrol and diesel prices by up to Rs20 per liter.