Overview
Wait for Russian oil is finally over, and we have received a confirmation that the first Russian oil shipment or vessel reached Pakistan Karachi Ports. As per the details, this 183-meter-long vessel with 45,142 metric tons of Russian Oil reached at Karachi Port yesterday.
The shipment is a little delayed as the government said it will reach Pakistan in the third week of May 2023. However, we can make some hope for the less in fuel prices in the coming days after the refineries clear it for supply. Meanwhile, the early statement of Petroleum Ministry Musadik Malik made us in confusion as he said that one shipment is not enough to make petrol prices down in Pakistan.
Russian Oil Will Impact Petrol Prices
The incumbent government announced different relief packages for cheap oil but very sadly not a single one reached to end consumer. After the Russian oil commitment, the government has made a statement to reduce petrol prices and gives a hint of a reduction of Rs. 100/liter in prices. But a few days ago Petroleum Ministry’s statement made us in confusing to celebrate Russian oil or not. He said the prices will come down once we have received multiple shipments of oil. He just wrap up the whole episode with a single statement and never explain further.
Besides, Russian oil will set pose a challenge for oil Pakistan refineries. Because Saudi Arabia’s crude oil was lighter than Russian crude. It might be difficult for refineries to handle the Russian oil and most probably it could increase the cost. But except for all these complications, it is better in the price for Pakistan.
Current Petrol Prices in Pakistan
The current fuel prices set the rates of:
- The current petrol price is Rs 262/Liter
- High-Speed Diesel is available at a rate of Rs. 253/Liter
- Kerosene Oil is available for Rs. 164,07/Liter
- Light Diesel Oil price is Rs. 147.68
Conclusion
Petrol prices’ ups and downs impact the overall rates of products and transportation charges. It is necessary to make petrol at a cheap rate because this is the only way to control the high rates of goods which lead the inflation. Citizens are expecting a lot from Russian oil as this is the hope of shirking fuel rates and stable goods prices. However, the results in prices will be confirmed once the government has announced the new petrol rates.
