Pakistan passes special order to allow barter trade with Afghanistan, Iran and Russia for certain goods, including petroleum and gas, says Ministry of Commerce
Pakistan's government has ordered a clamp down on smuggling of flour, wheat, sugar, and fertilizer to Afghanistan. / Photo: Reuters
Left with barely enough foreign exchange reserves to cover one month's imports, Pakistan's government is desperately trying to manage a balance of payments crisis and bring inflation under control after it hit a record of nearly 38 percent last month. After Pakistan's first purchase of discounted Russian oil in April, petroleum minister Musadik Malik told Reuters news agency that Pakistan would only be buying crude, not refined products under the deal.
Last year, Pakistan imported 154,000 bpd of crude oil, little changed from 2021, data from analytics firm Kpler showed.
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