Karachi, June 28, 2023 – It is reported that another Russian oil ship has reached the Karachi Port, this time carrying 56,000 tonnes of crude oil. Read more.
The Clyde Noble, loaded with Russian crude, docked at oil pier-3 on Tuesday, as confirmed by the Karachi Port Trust (KPT). The distribution of crude oil is scheduled to commence within the next 24 hours.
Pure Point’s oil tanker delivered 45,142 tonnes of Russian crude oil to the Pakistan Refinery Limited (PRL) in June. With the arrival of the second oil tanker, Russia has completed the first shipment of 100,000 tonnes of Ural oil to Pakistan.
The procurement of Russian crude was carried out under a government-to-government deal, with Pakistan making the payment in Chinese currency. Russian Energy Minister Nikolay Shulginov clarified that there was no special discount to export crude oil to Pakistan.
While consumers anticipated a possible price reduction in petroleum products due to reports of discounted Russian crude, the government opted to maintain the current oil prices during the fortnightly price review on June 15.
An oil industry expert, who preferred to remain anonymous, explained that the arrival of Russian crude was primarily intended as a technical evaluation to assess its compliance with the country’s specifications and demand.
The Pakistan Refinery Limited will prepare a report, which will take around a month to finalize. The expert cautioned against predicting any immediate price cuts in petrol and diesel, as Russian crude is blended with Arabian crude to produce various petroleum products.
Another oil industry executive, also speaking anonymously, expressed scepticism regarding the possibility of price reductions in diesel and petrol from July 1. The government recently increased the petroleum development levy (PDL) by Rs10 per litre on these products. The executive emphasized uncertainty regarding the stance of Finance Minister Ishaq Dar and how the PDL would be adjusted in the upcoming price review.
The arrival of the second Russian oil ship at Karachi Port marks a significant development in Pakistan’s oil imports and strengthens the growing economic ties between Russia and Pakistan.
Must read: First Shipment of Cheap Russian Oil.
