Russian oil to impact petrol, diesel prices from July 1: Ministry

ISLAMABAD (Online): The Petroleum Ministry has claimed that the Russian crude oil that reached Pakistan on Sunday evening will help bring the prices of petrol and diesel down.

The arrival of Russian oil will affect the prices of petrol and diesel from July 1, officials have claimed.

The processing of the Russian crude oil in Pakistani refineries will start soon, they further said.

The import of Russian crude oil from Russia can be increased to 1.4 million barrels per month, the officials claimed, adding the average price of the oil will be calculated after it is refined.

The average price will be calculated after combining the local and Russian oil, the Ministry of Petroleum officials said.

They further said that the Russian oil is 30 to 40% cheaper than the general market.

“If the average production of petrol and diesel is more than 50%, it can be reduced by Rs40 per liter,” they stressed.

A shipment of 45,000 metric tons will be refined at the Pakistan Refinery Limited, the ministry officials said.

PARCO – Pak Arab Refinery Limited will also participate in refining the Russian oil, they said.

The Petroleum Ministry officials said the Russian oil will be available in the market in the next two weeks.

Meanwhile, Minister of State for Petroleum Musadik Malik has said that the first Russian cargo carrying 45,000 metric tons of discounted crude oil will enable the government to manage inflation in the coming months and give relief to the common man.