As the prices of oil and gas in Pakistan have skyrocketed, Federal Finance Minister Ishaq Dar, in Chartered Accountant Association Conference on October 19, asserted that Pakistan can import cheaper oil from Russian just like India does. The foreign ministry affairs and Petroleum have formally contacted and written to the Russian government for the procurement of cheap oil and gas and highlighted the notion that any procurement will not be in violation of any global treaty. However, this agreement, which is yet to be made, relies on the invitation from the Moscow for the Pakistani officials which is still in due process.
This deal can prove to be a relief for both the domestic and industrial consumers of oil and gas as Pakistan’s reserves of natural gas are depleting at a worrying rate. Moreover, the country is heading towards colder days which means greater consumption of gas. Government of Pakistan is left with no other option but to do “gas rationing” by shrinking the gas supply in order to tackle the gas shortage. It is announced that during winters the domestic consumers will get only 8 hours of gas supply per day. Therefore, both the contract with Russia and conservation of oil and gas are pertinent if Pakistan intends to sustain these nonrenewable energies.