ISLAMABAD: Pakistan has signed a long-term oil purchase agreement with Russia under which it will provide oil at a price of $60 per barrel to make petrol cheaper.
According to the details, under the agreement between Pakistan and Russia, local refineries were allowed to buy oil directly from Russia. In case of oil purchase from Russia, the oil received by Pakistan at the rate of 60 dollars per barrel will be delivered to the port.
Under the long-term agreement, the first cargo of oil from Russia will reach Pakistan in December. Officials said that after the normal supply, the Pakistan-Russia oil agreement has been concluded on a commercial basis at the official level. In the first cargo coming in December, 100,000 metric tons of crude oil will reach Pakistan.
However, even on a commercial basis, Pakistan will only buy cheap oil from Russia. Officials said that Pakistan saved $4 crore in the first test cargo and in the future, the prices of petroleum products in the country will be controlled by buying cheap oil from Russia.
Officials said that the price limit of Russian oil has been kept in mind by the G7 countries while making a commercial agreement. Even after taking out rent premiums etc., Russian crude will be $10 per barrel lower than the general market.
