The federal government has started considering oil imports from Russia in view of rising oil prices and the Ministry of Energy has written a...
The federal government has started considering oil imports from Russia in view of rising oil prices and the Ministry of Energy has written a letter seeking details from oil companies in this regard.
The Petroleum Division of the Ministry of Energy has written to four petroleum companies seeking suggestions on the quantity and quality of petrol imported from Russia, as well as other issues.
Read more: Government announces increase in petrol price by Rs 24.3 and diesel by Rs 59.16
The Petroleum Division has written to Pak Arab Refinery, National Refinery Limited, Pakistan Refinery Limited and Baiko Petroleum Pakistan Limited seeking suggestions.
The letter asked the companies to conduct a detailed analysis of oil imports from Russia and suggest to the government to inform them about the technicalities of crude grade in view of the design and production of each refinery and whether it would be appropriate or not. ۔
In addition to informing the refinery about the quantity and grade of crude oil required, it should also be informed how much it will cost to import oil from Russia in terms of transportation and rent as compared to the oil imported from the Middle East.
The ministry directed in the letter to provide details of existing agreements with the Arab region as well as the payment method.
Read also: Imran Khan's words of appreciation for India on buying cheap oil
It should be noted that due to rising global oil prices and the depreciation of the rupee against the dollar, the government has recently increased the prices of petroleum products by up to Rs 100. Along with severe criticism, the government is also facing pressure from the people who are suffering from rising inflation.
Between May 27 and June 11, the government increased the prices of petroleum products three times, which resulted in an increase in the price of diesel by Rs 119 in just 15 days and petrol by more than Rs 84 per liter in the same period. Expensive.
Due to rising oil prices and consequent rising inflation, the coalition government is facing severe criticism from the main opposition Pakistan Tehreek-e-Insaf (PTI) and is constantly asking the government whether the current government, like India, is cheaper than Russia. Why not prefer to buy fuel.
According to the former PTI government, Russia was ready to supply crude oil to Pakistan at a discounted rate of 30%, but the current government says that the letter written by former Energy Minister Hamad Azhar to Russia in this regard was ignored by the Russian government. did not answer.
PTI chief and former prime minister Imran Khan continues to criticize the current government for not buying cheap oil from Russia, citing the example of neighboring India.
Read more: Unaware of PTI government's oil purchase agreement with Russia, Russian Consul General
Last month, he described India's foreign policy as independent, saying that despite being a key member of the US-led Quad, it was buying cheap oil from Russia and providing relief to its people.
He claimed in his tweet that "this was the goal that the government was trying to achieve with the help of an independent foreign policy."
The former prime minister often claims that his government was in talks with Russia to buy energy, especially oil and gas, but the new government cut ties with Russia at the behest of "external powers" and imposed sanctions on the people of Pakistan. Imposed the burden of inflation.
When asked about buying oil from Russia, Finance Minister Muftah Ismail said that if oil was offered to Russia and no sanctions were imposed on such an agreement, then Pakistan would be cheaper. But oil is ready to buy.
Read also: Russia becomes largest oil seller to China
He said it was not possible for Pakistani banks to make arrangements to buy Russian oil and also claimed that Russia had not offered any such purchase to Pakistan at a discounted rate.
According to a report published last month, after Russia's invasion of Ukraine, while European and Western countries have banned the purchase of oil from Russia, China and India have bought a record number of oil from them.
According to the report, after Russia's invasion of Ukraine on February 24, India has received 34 million barrels of subsidized Russian oil from Moscow, which is why India's total imports this year are higher than its purchases from Russia in 2021. Tripled
According to another report, China also increased its crude oil imports from Russia in May, leaving Russia behind Saudi Arabia to become the largest supplier of oil to China.
Read more: India buys 34 million barrels of oil from Russia at discounted rates after attack on Ukraine, report
The world's second-largest economy imported about 8.42 million tonnes of oil from Russia last month, an increase of 55% over the previous year.
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