Oil from a ship arriving from Russia is presently being unloaded and stored, according to sources at the Ministry of Petroleum.
Following the outcome of the first consignment, Pakistan and Russia will finalise a deal for the import of 700,000 barrels of oil. Initially, a contract for the import of 100,000 barrels of oil has been finalised between Pakistan and Russia.
According to sources, Pakistani petroleum product prices are predicted to decrease as a result of the entry of Russian oil. Starting on July 1st, it is projected that the price of gasoline and diesel may drop by up to 40 rupees.
According to sources, the PARCO refinery will process the first shipment of 45,000 tonnes of oil from Russia. Within the following two weeks, Russian oil will be offered for sale in the local market.
It should be remembered that yesterday, Senator Mian Muhammad Soomro, the Federal Minister for Petroleum, said in a news release that Chinese yuan, not US dollars, had been used to pay for the import of Russian crude oil.
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