Islamabad: In the context of falling oil prices day by day in International market, Saudi Arabia has decided to provide cheaper oil to Pakistan. According to sources of Prime Minister of Pakistan Nawaz Sharif, Saudi officials are agreed on a price of $40 per Barrel. The sources also told that Saudi Government is taking keen interest to resolve the power crisis of Pakistan and they are in close contact with Pakistani Govt. in this regards. This subsidized oil price would increase the foreign reserves in the country which increase the foreign investment and obviously impose very positive effects on Pakistani currency.
The availability of low petrol prices as low as $40 per Barrel will help to overcome the power crisis in the country for short term. Cheaper oil prices will also provide a golden opportunity to control the circular debts for the Pakistani Government and recovery from the different public departments would also be insured.
This is not the first time that Saudi Arabia helping Pakistan but in the present past, Saudi Government had provided an aid of $1.5 Billion which not only resulted in the increase of Pakistani foreign reserves but as well as Strengthened the local currency.
