Pakistan oil imports decline over 22pc in first half of current fiscal

Pakistan oil import stood at $4771.471 million during July-December (2020-21) showing a reduction of 22.32 percent during the first half of the current fiscal year as compared to imports of $6142.197 million during the corresponding period of last year.

As per Pakistan Bureau of Statistics (PBS) latest data, the commodities that contributed in decline of oil import bill included, petroleum products, the imports of which decreased by 16.30 percent, from $2591.065mn last year to $2168.674mn during the current fiscal year.

Furthermore, the imports of petroleum cured decreased from $1771.251mn to $1322.952mn, a decline of 25.31 percent while the imports of natural gas (liquified) went down by 35.33 percent, from $1626.814mn to $1052.124mn.

On the other hand, the imports of petroleum gas (liquified) increased from $153mn to $227.643mn, showing growth of 48.79 percent while the imports of all other oil products increased by 16.42 percent, from $0.067mn to 0.078mn.

Meanwhile, on year-on-year basis, the oil import bill shrunk by 20.04 percent to $824.872mn in December 2020 when compared to the imports of $1031.564mn in December 2019, the data revealed.

However, the imports during December 2020 increased by 6.03 percent in December 2020 when compared to the imports of $777.977mn in November 2020.