Peshawar There appears to be a growing realisation in the government that the economic situation is already bad and the prime minister and his team do not want it to get any worse. Rushing a team to Moscow to hold talks on fuel supplies is a belated step; it’s a case of better late than never, though.
According to the government, Russia will supply discounted petrol and diesel to the country and a delegation of relevant Russian ministers will be visiting the country soon in this regard.
It is important to note that the government appears to have created an impression that it is perhaps in a position to cut a fuel supply deal that is characterized by clauses such as most-favored-customer clause, prudent buyer clause, or non-discrimination clause.
But the question is why Russia will be treating Pakistan at par with India, which has been cashing in on the cheap Russian oil opportunity since the outbreak of the Russian-Ukraine war.
It was hardly two months ago that India’s Russian oil imports jumped five-fold while Russia’s fuel exports to the EU fell 35 percent. Moreover, India’s foreign minister has stated only recently that his country will prioritize its own energy needs and continue to buy oil from Russia.
The foregoing clearly suggests that our policymakers will be required to seriously examine the Russia-India agreements before finalizing deals with Russia, although India and Pakistan have different needs and different histories.
Copyright Business Recorder, 2022
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