Pak seeks discounts in oil imports from Russia; urges to cap rate at $60 per barrel

Cash-strapped Pakistan is seeking discounts in oil imports from Russia and has urged Moscow to strike a long-term oil deal while remaining within the price cap at $60 per barrel, a media report said on Friday.

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

‘Pakistan wanted Russia to set a benchmark of $60 dollars per barrel ‘free on board’ (FOB) – the actual price charged at the port – to import crude oil on a long-term basis. This means that Russia will also be bearing the freight cost for oil to be exported to Pakistan,’ the report said.