First shipment of discounted Russian crude oil arrives in Karachi, announces Pakistan PM Shehbaz Sharif

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Pakistan Prime Minister Shehbaz Sharif said on Sunday that the first shipment of discounted Russian crude oil has arrived at the port city of Karachi, a development that is likely to bring relief to people hit by increasing inflation. A cargo ship carrying about 45,000 metric tonnes of Russian crude oil docked at a port in Karachi. Pakistan, which is currently grappling with high external debt and a weak local currency, is hoping that snapping crude at discounted rates from Russia will stabilise oil prices in the country. Petrol now costs Rs 262 per litre in the country as per...