Significant progress has been reported in the purchase of cheap oil from Russia, as Pakistan has signed a long-term oil purchase agreement with Moscow.
Under the agreement signed on a commercial basis, local refineries will buy oil directly from Russia and the country will deliver the oil to Pakistan at the port.
Under the agreement, the price of the oil will be $60 per barrel, and the first cargo carrying 100,000 metric tonnes of crude oil will reach Pakistan in December.
According to sources in the Ministry of Petroleum, there will be an agreement at the government level after normal supply. The commercial agreement will take into account the G7 price ceiling for Russian oil.
The Russian crude is $10 per barrel cheaper than the general market even after removing the rent premium.
On the first test cargo also, Pakistan had saved $400 million.
