Will petrol prices drop soon as Pakistan likely to receive 733,000 barrels Russian oil?

2026-03-07 - 04:23

KARACHI – Pakistan is likely to receive a shipment of over 700,000 barrels of Russian crude soon amid ongoing crisis in the Strait of Hormuz that have disrupted global oil supplies. Russian media citing global energy expert Dr. Mamooda Salame, noted that 733,000 barrels of Russian crude are expected to arrive soon at Port Qasim. Pakistan has long relied on Saudi Arabia and the United Arab Emirates for its oil imports, but it has previously purchased Russian crude as well. According to the Pakistan Business Council, every 10% rise in global oil prices adds approximately $1.5 to $2 billion to Pakistan’s current account deficit. The report further notes that if oil prices reach $100 per barrel, the country’s annual deficit could increase to between $5 and $7 billion. The Pakistani officials are yet to confirm the development about arrival of Russian crude. It is recalled that on June 11, 2023, Pakistan, received its first shipment of discounted Russian crude oil, signaling a major development in energy cooperation between the two countries. The vessel, carrying 45,000 metric tonnes of crude, began unloading operations on June 12, with the goal of reducing domestic fuel costs. Will Russian Oil Help Pakistan Reduce Petrol Prices? At the time of the report, the arrival of the Russian crude oil has not officially been confirmed by the Pakistani government. Furthermore, there are also no reports if the Russian oil helps reducing local petroleum prices which saw a massive surge a day earlier amid supply concerns due to the US and Israel war against Iran. Pakistan Hikes Petrol Prices A day earlier, Pakistani government announced massive increase in fuel prices, raising both petrol and diesel rates by a whopping Rs55 per litre. The new prices are effective immediately, leaving citizens and businesses scrambling to adjust to the sudden economic impact. Under revised structure, petrol prices have jumped from Rs266.17 to Rs322 while diesel price now stands at Rs355 per litre. This significant hike reflects broader challenges in the energy sector and is aimed at aligning domestic fuel costs with global market trends. However, critics argue that such drastic increases will further burden ordinary consumers and contribute to rising inflation.