Cash-strapped Pakistan is making concerted efforts to procure Russian crude oil at USD 50 per barrel, at least USD 10 per barrel less than the price cap imposed by the G7 countries due to Moscow’s invasion of Ukraine, media reports said on Sunday.
Crude oil is currently being sold globally at USD 82.78 per barrel.
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.
