ISLAMABAD: State Minister for Petroleum Musadik Malik on Monday said Russia will provide petrol and diesel to Pakistan at discounted rates. It will beneficial for Pakistan to get cheaper oil from Russia, Daily News Publisher reported.

“Russian visit remained more successful than we were expecting,” Malik said while addressing a press conference in Islamabad.

The minister said Russia will export crude oil to Pakistan and diesel and petrol at discounted rates, which is good news for the country’s economy. “Russia will give the same discount to Pakistan as it is giving to the world on oil and petrol.”

Linking the development with addressing the energy needs, he said the incumbent government is trying to fix the ill economy due to the ‘wrong’ policies of the PTI government.

The minister also revealed that they also held talks with the gas companies in Moscow for LNG export to Pakistan.

Read More :- Oil prices fell in early Asian trade

Russia has invited Pakistan for finalization the agreement for 2025-26, he added.

The agreement for the import of oil at a cheap price will help Pakistan save dollars and tackle skyrocketing fuel prices.

The delegation led by Musadik Malik left for Moscow, last week, to discuss cooperation between Islamabad and Moscow in the petroleum sector.

Earlier, the National Assembly was informed that a high-power delegation would soon visit Russia to negotiate any possibility of long-term cooperation to acquire gas and oil.

Oil Prices are going down

Today, Friday, the price of oil declined in early Asian trade after the dollar somewhat made up for its losses.
West Texas Intermediate crude futures dropped 14 cents, or 0.2%, to $81.08 per barrel, while Brent crude futures dropped 11 cents, or 0.1%, to $86.77 per barrel.
After data showed that consumer spending in the United States surged significantly in October, the dollar rebounded after dropping to its lowest level in 16 weeks against a basket of key currencies.
With two Chinese towns relaxing anti-Covid-19 measures, the two benchmarks are still on the cusp of registering their first weekly gains following three straight