In a first, ‘desperate’ Pak buys cheap Russian oil

Cash-strapped Pakistan has placed its first order for discounted Russian crude oil, which is expected to arrive in Karachi next month, an official said on Thursday, a decision that may provide some relief to the people already hit by skyrocketing inflation.

Pakistan, which is currently grappling with high external debt and a weak local currency, is hopeful that snapping crude at discounted rates from Russia will stabilise oil prices in the country.

Petrol now costs a record Rs 282 per litre, following the revision announced by the government last week.