Foreign Minister Bilawal Bhutto Zardari will leave for Russia on Sunday on a two-day official visit from January 29-30 at the invitation of his Russian counterpart Sergey Lavrov.
“The foreign minister will hold official talks with his Russian counterpart where the both leaders would discuss bilateral relations and exchange views on regional and international issues of mutual interest,” said the Foreign Office.
Foreign Minister Bilawal will hold talks with Lavrov on January 30 (Monday), a week after both countries inked an accord on the supply of Russian crude oil and oil products.
On January 20, Pakistan and Russia agreed on late March as the timeline for crude oil export. This is a major development for Pakistan as the country is facing a severe economic crisis.
State Minister for Petroleum Musadik Malik revealed that Pakistan wants to import 35% of its total crude oil requirement from Russia.
Read also: Artificial Petrol Shortage: Pumps Hoarding In Anticipation Of Hike
The supply of petrol and diesel in the country saw an artificial shortage at a few stations across the country as petrol pumps started hoarding oil & diesel in an anticipation of a fuel price hike on the 1st of February.
The expected hike is on the back of a record devaluation of the rupee and a likely implementation of a Rs.50 Petroleum Development Levy on diesel in line with the commitments to the IMF. Further, the Fund has also demanded a levy of 17 percent on petroleum products in the form of General Sales Tax (GST).
“Petroleum prices can increase by up to 28%, if impact of international prices and exchange rate depreciation is passed on to consumers. It can increase by up to 50% if GST is also imposed,” tweeted, Fahad Rauf, Head of Research, Ismail Iqbal Securities.
Earlier, there were reports claiming that the country was heading towards a fuel shortage as Oil Marketing Companies were unable to open LCs to import fuel.
