Sunday, July 14, 2024

Here’s How Much Petrol price likely to drop from July 1

According to sources from the Ministry of Petroleum, the unloading and storage discharging of oil from a vessel arriving from Russia is currently underway. Initially, a contract for the import of 100,000 barrels of oil has been finalized between Pakistan and Russia, and after the results of the first consignment, 700,000 barrels of oil will be brought to Pakistan. Sources suggest that the arrival of Russian oil is expected to result in a reduction in petroleum product prices in Pakistan. It is anticipated that there may be a decrease of up to 40 rupees in the prices of petrol and diesel starting from 1st July.

Sources have revealed that the first consignment of 45,000 tons of oil from Russia will be refined at the PARCO refinery. Russian oil will be available for sale in the local market within the next two weeks. It should be noted that yesterday, the Federal Minister for Petroleum, Senator Mian Muhammad Soomro, stated in a press statement that the payment for the imported crude oil from Russia has been made in Chinese currency, not in US dollars.

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