Petrol price likely to go down by Rs100 per litre in Pakistan

ISLAMABAD(a1tv news)Price of petrol is likely to drop sharply after the arrival of the first consignment of Russian oil in Pakistan later this month. 

Information Secretary of Pakistan Petroleum Khawaja Asif Mehmood told media the price was expected to go down by Rs100 per litre, which will prove a major relief for masses as current price of the commodity stands above Rs280 per litre. 

He further said a ship carrying Russian oil is expected reach Pakistan in the third week of May, adding that the crude oil will be processed at the domestic refineries before being supplied to the market. 

Pointing towards the limited refining capacity of the country, the secretary called for setting up more facilities to handle the inbound oil 

Last year some officials at refineries in Pakistan have said the existing set up could only process up to 30 percent of Russian crude oil due to technical and operation constraints.    

Reports said the Pakistan, which is reeling under tough economic conditions, will get a discount of up to $18 per barrel on the first shipment.