The news of Russian oil import has triggered a notion that fuel prices may drop in the coming days.
According to media reports, Federal Minister for Petroleum Musadik Masood Malik has dismissed this notion, stating that the arrival of Russian oil will not reduce oil prices in Pakistan.
Speaking at the Pakistan Energy Conference on Zoom, Malik said that the imported oil will reach Pakistan in two weeks. He added that for the time being, the prices will remain as they are. If more cargoes of Russian oil arrive in the future, then we might see a drop in the prices of fuel in Pakistan.
Malik said that Pakistan will try to lock in the most economically favorable deal while buying petrol from abroad. He said that the ministry is trying to avoid restrictions and meet energy needs.
He added that the state is resuming the search for oil and gas reserves in the sea. It will soon announce an appropriate natural resource policy in the country. Malik stated that the government is considering reopening the closed gas wells.
Then why this stunt?