ISLAMABAD, Pakistan - Given the country's ongoing economic crisis and acute fuel shortage, the Pakistan government is considering purchasing oil from Russia at a lower cost.
The Ministry of Energy has requested industrial experts to provide an analysis for importing Russian oil. According to Refinitiv data, Pakistan's monthly fuel oil imports are on track to reach a four-year high in July.
Musadik Malik, Minister of State for Petroleum, stated in a TV program that Pakistan is "open to the idea of importing cheap oil from Russia."
He stated that, contrary to the PTI-led government's claim, there were no official agreements between the two countries regarding importing cheap oil; however, the previous government sent a letter to Russia.
"Since taking office, the coalition government has attempted to follow up on the letter but has received no response from Russia," he said.
The state minister went on to say that if Russia was willing to sell cheaper oil to Pakistan, the government would consider it but would "ensure striking deals that would not result in any types of international sanctions on Pakistan."