ISLAMABAD: Cash-strapped Pakistan has placed its first order for discounted Russian crude oil, which is expected to arrive in Karachi next month, an official said on Thursday, a decision that may provide some relief to the people already hit by skyrocketing inflation.
Pakistan, which is currently grappling with high external debt and a weak local currency, is hopeful that snapping crude at discounted rates from Russia will stabilise oil prices in the country.
Petrol now costs a record Rs 282 per litre, following the revision announced by the government last week.
“We have placed our orders and the first consignment,” an official in Pakistan’s Ministry of Petroleum said.
According to the deal, Pakistan will only import crude oil from Russia, and refine it through a local dealer.