Pakistan is set to begin negotiations to acquire more discounted Russian oil soon with authorities hoping to strike a long-term deal this time around.

Sources in the energy ministry said that a delegation from Pakistan will reach Russia on October 9 where they will discuss the prospect of long-term deals for both oil and gas.

Pakistan will reportedly propose a price of $60 per barrel for Russian oil and will take price caps imposed by the United States and other countries into account while making a deal.

If an agreement is reached, it could save Pakistan around Rs10,000 per barrel in oil imports which amounts to a difference of around Rs60 per litre.