Petrol price in Pakistan is likely to decrease by Rs 30 to Rs 40 from July 1. Following the arrival of Russian crude oil in Pakistan, there is optimistic news for consumers as petrol and diesel prices are anticipated to decrease by Rs 30 to Rs 40 per liter starting from July 1.
Reliable sources from the Ministry of Petroleum have confirmed that the unloading and storage process of the oil vessel from Russia is currently underway. Initially, Pakistan and Russia entered into an agreement for the import of 100,000 barrels of oil. Based on the successful outcome of the initial shipment, Pakistan is set to receive 700,000 barrels of oil in total.
The introduction of Russian oil is expected to have a positive impact on the prices of petroleum products in Pakistan, with an estimated reduction of Rs 40 per liter for both petrol and diesel, effective July 1.
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It has been revealed that the first consignment of 45,000 tons of oil from Russia will undergo refining at the PRL refinery. The Russian oil will then be made available for sale in the market over the course of the next two weeks.
Notably, Federal Minister of State for Petroleum, Dr. Senator Mossadegh Malik, stated that the imported crude oil from Russia was not paid for in US dollars but rather in Chinese currency, indicating a shift in payment policy.