Pakistan makes efforts to purchase Russian oil at $50 per barrel

Cash-strapped Pakistan is making concerted efforts to procure Russian crude oil at $ 50 per barrel, at least $10 per barrel less than the price cap imposed by the G7 countries due to Moscow's invasion of Ukraine, media reports said on March 12.

Crude oil is currently being sold globally at $82.78 per barrel, NDTV reports.

Pakistan, which is currently grappling with high external debt and a weak local currency, is desperate to purchase cheap crude at discounted rates from Russia.

Moscow will respond to Pakistan's request for discounted crude oil only after it completes formalities such as mode of payment, shipping cost with premium, and insurance, according to The News.

The first consignment of crude oil from Moscow is scheduled to arrive in Pakistan by the end of next month, paving the way for a bigger deal in the future, the paper said.

The shipping of crude oil from Russian ports will take 30 days, which would mean an increase of $10-15 per barrel due to the transportation costs, it added.