Russian Oil import to start but No Decrease in Fuel Prices as it was announced by Musadik Malik, the Minister of State for Petroleum of Pakistan.
The government officials has revealed that the contract has been signed with the Russian government to start import of Russian oil in Pakistan.
Pakistan is importing majority of its oil from Kingdom of Saudi Arabia (KSA) and United Arab of Emirates (UAE).
However, the rise in oil prices in last couple of years has made it difficult for Pakistan to survive on costly oil of KSA and UAE.
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Pakistan Government has now decided to import at least one third of its need from Russia as Russian oil is comparatively cheaper than KSA and UAE.
Malik further declared that the government has stated import of Russian oil however, it would not help in lowering the fuel prices across the country.
He also added that it is not possible to provide any immediate relief to the masses of Pakistan in oil prices due to current financial crunch.
However, the minister said that government is planning to significantly increase the import of Russian oil in coming months and then it could be possible to decrease oil prices.
The minister added that the Russian oil will start to arrive in first week of June, since the government is looking to explore affordable sources of oil around the world.
Malik also emphasized that the government is making sincere efforts to explore new reserves of oil and gas reserves in the sea, as exploration activities have now resumed.
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The minister also declared that the government is keen to reopen the closed gas wells in the country. Russian Oil import to start but No Decrease in Fuel Prices.
He also added that economy of the country needs sufficient energy resources and the government planning to maximally utilize the country’s own resources.
He emphasized on the importance of reopening these wells to handle the energy shortages in the country and ensure an uninterrupted gas supply across the country.
