Islamabad: Pakistan has received its second shipment of Russian crude oil as the cargo containing 100,000 metric tons oil has reached the port on Monday.

According to Energy Ministry officials, the largest oil refinery in Pakistan, Cnergyico, has acquired Russian crude oil that was discharged via SPM in the deep sea.

The refinery will extract petrol and diesel from the Russian crude oil and sell them in Pakistan, while furnace oil will be put up for sale in the international market, saving 10-15 percent foreign exchange for the country.

Russia's first oil shipment arrived in Pakistan in June of last year.

Pakistan expects to get Russian oil on the discount agreement at a price of $60 billion per barrel.

Karachi: Pakistan's inflation rate rose to 31.4% year-on-year in September from 27.4% in August, statistics bureau data showed on Monday, as the nation reels from high fuel and energy prices.

The country is embarking on a tricky path to economic recovery under a caretaker government after a $3 billion loan programme approved by the International Monetary Fund in July averted a sovereign debt default, but with conditions that complicated efforts to rein in inflation.

On a month-on-month basis, inflation climbed 2% in September, compared to an increase of 1.7% in August

Reforms required by the IMF bailout, including an easing of import restrictions and a demand that subsidies be removed, have already fuelled annual inflation, which rose to a record 38.0% in May.

Interest rates have also risen to their highest at 22%, and the rupee hit all-time lows in August before recovering in September to become the best performing currency following a clampdown by authorities on unregulated FX trade.

In its monthly report on Friday, the ministry of finance stated that it expected inflation to stay high in the upcoming month, averaging about 29-31% as a result of an increase in electricity tariffs and a significant rise in fuel prices.

The report added that inflation was, however, expected to ease, especially from the second half of the current fiscal year that starts on Jan. 1.

On Saturday Pakistan cut petrol and diesel prices from a record high, after two consecutive hikes. The finance ministry cited international prices of petroleum products and the improvement in the exchange rate, following the clampdown on unregulated FX trade.

Inflation has been elevated, hovering in double digits, since November 2021. The South Asian country targeted inflation at 21% for the current fiscal year, but it averaged 29% during the first quarter.

Worsening economic conditions, along with rising political tensions in the run-up to a national election scheduled for November, triggered sporadic protests in September, with many Pakistanis saying they are struggling to make ends meet.

Analysts said the inflation reading was in line with market expectations.

Tahir Abbas, head of research at Arif Habib Limited, a Karachi-based investment company, said inflation appeared to have peaked for the current fiscal year and would subsequently recede.

"The higher reading is mainly due to the low base effect which was also mentioned in the last monetary policy statement. Going forward, in the next few months, we expect inflation to ease to around 26-27%," said Fahad Rauf, head of research at Ismail Iqbal Securities, a Karachi-based brokerage firm.

Rauf said higher inflation statistics should not impact monetary policy.

Karachi: Electricity prices in the country witnessed a notable increase of Rs3.28 per unit on Monday.

According to the report, this price hike is implemented as part of the quarterly adjustment and it is set to remain in effect from October 2023 to March 2024.

As per the report, all the countrywide consumers including residential, commercial, industrial and K-Electric will be subject to the increased rates.

This move is expected to have a substantial financial impact on consumers, with an estimated cost of 146 billion rupees collectively.

All consumers will be forced to shoulder an extra burden of 146 rupees as a result of the high price of power.

Customers using 100 units face a monthly surcharge of Rs328.14, while those using 200 units will pay a monthly surcharge of Rs656.28.

In addition, for the usage of 300 units, an additional bill of Rs684.42 and for the use of 400 units, an additional bill of Rs912 would be incurred.

Furthermore, Customers would be charged an additional fee of Rs. 1,140 for 500 units and Rs. 1,368 for 600 units.

Customers who use 700 units would incur an additional monthly cost of Rs1,596.