Pakistan Prime Minister Shehbaz Sharif on Sunday announced that the first shipment of discounted Russian crude oil has arrived in the port city of Karachi, a development that will provide relief to the people hit by skyrocketing inflation.
Pakistan, which is currently grappling with high external debt and a weak local currency, is hoping that snapping crude at discounted rates from Russia will stabilise oil prices in the country.
Petrol now costs Rs 262 per litre in the country as per the latest revision.
A cargo ship carrying about 45,000 metric tonnes of Russian crude oil docked at a port in Karachi, PTI reported.
“I have fulfilled another of my promises to the nation. Glad to announce that the first Russian discounted crude oil cargo has arrived in Karachi and will begin discharge tomorrow,” Prime Minister Sharif tweeted.
“Today is a transformative day. We are moving one step at a time toward prosperity, economic growth, and energy security and affordability,” he said.
Sharif added that this was the beginning of a “new relationship between Pakistan and the Russian Federation.”
The deal will see Pakistan buy crude oil, not refined fuels, with imports expected to touch 100,000 barrels per day if the first transaction goes through smoothly, according to media reports.
In December 2022, Russia refused to provide Pakistan with a 30 per cent discount on its crude after the Pakistani delegation asked for a reduction in price.
