Minister of State for Petroleum Musadik Malik Thursday said that Pakistan will receive the first oil cargo from Russia in April, a move that could pave way for a much bigger deal.
Speaking in Geo News program Capital Talk, the minister said that 80-85 percent of discussions with Russia have been completed. He said the deal is nearing completion and will be finalized by the end of the month.
He added, “In April, we will give them the first shipping order. The first cargo of crude oil from Russia will arrive by the end of April”.
In response to the latest fuel price increase, the minister stated that the government pays in dollars for oil and that the country is currently short of it. Oil prices are affected by current international prices and currency parity, he added.
According to the minister, Pakistan imports $2 billion to $2.5 billion in energy commodities each month. If we give a subsidy, the entire liquidity of the country will be drained, he warned.
The minister also mentioned that the country will receive one-third of its crude oil imports from Russia at a concessional rate, the impact of which will be transferred to the people.