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Print Print 2023-03-14

Mar-Sept key imports: govt needs $8.5bn

  • Petroleum Division submits financing requirements to government for the seven months so that appropriate arrangements may be made in time
Published March 14, 2023

ISLAMABAD: With total foreign exchange reserves of $4.3 billion as of 9th March 2023, Pakistan requires a total of $ 8.5 billion to meet its fuel requirements and other critical imports of March-September 2023. Of total Forex requirement, 38 per cent will be for crude oil, 19 per cent for MOGAS, 14 per cent for HSD, 27 per cent for LNG, 1 per cent for jet fuel, and 1 per cent for plant, machinery, equipment tools, etc.

Well informed sources in Petroleum Division told Business Recorder that the Division has submitted financing requirements to the federal government for seven months so that appropriate arrangements may be made in time.

According to Petroleum Division sources, during March- September 2023, country’s requirement for crude oil will be 5,110,442 MT, MOGAs 1,800,0000 MT, HSD 1,320,000 MT, LNG 214,200 MT, and jet fuel 100,000 MT.

For March 2023, the country needs $ 1.078 billion, of which $ 366 million are needed for crude oil, $ 298 million for MOGAs, $ 49 million for HSD, $ 300 million for LNG, $ 8 million for jet fuel, $ 3 million for LPG, $ 23 million for plant, machinery, equipment tools, etc., and $ 1.3 million for others.

Rising panic over blocked imports in crisis-hit Pakistan

In April 2023, Forex requirements will be $ 1.199 billion, of which $ 458 million will be for crude oil, followed by MOGAS $ 298 million, HSD $ 195 million, LNG $ 301 million, jet fuel $ 17 million, plant, machinery, equipment tools $ 11 million, and others $0.9 million.

In May 2023, total Forex requirements will be $ 1.357 billion, of which $ 504 million will be for crude oil, $ 217 million for MOGAS, $ 244 million for HSD, $ 367 million LNG, jet fuel $ 8 million, LPG, $ 3 million, plant, machinery, equipment tools, etc., $ 14 million, and others $0.4 million.

In June 2023, the requirement will be $1.260 billion, with crude oil imports accounting for $ 459 million, MOGAS, $ 217 million, HSD, $ 244 million, LNG $ 301 million, jet fuel $ 17 million, plant, machinery, equipment tools etc. $ 23 million, others $ 0.4 million.

In July 2023, the requirements will be $ 1.185 billion and to mete crude oil requirements would cost $504 million, MOGAS $217 million, HSD $ 146 million, LNG $ 301 million, jet fuel $ 8 million, LPG $ 3 million, plant, machinery, equipment tools, etc., $ 6 million, others $ 0.4 million. August Forex requirements will be $ 1.186 billion, with crude oil $ 459 million, MOGAS, $ 217 million, HSD, $ 146 million, LNG, $ 334 million, jet fuel $ 17 million, plant, machinery, equipment tools, etc., $ 13 million and other $0.7 million.

In September 2023, the requirements will be $1.217 billion for the following items: Crude oil $ 504 million, MOGAS $ 217 million, HSD, $ 146 million, LNG, 334 million, jet fuel $ 8 million, plant, machinery, equipment tools, etc., $ 7 million.

Of total Forex requirements of $ 8.483 billion, PARCO will require $ 1. 870 billion, PRL $ 496 million, NRL, $ 600 million, Cynergico $ 316 million, PSO $ 4.856 billion, PPL, $ 20 million, OGDCL $ 357 million, PLL $ 264 million, SNGPL $ 9 million, and SSGCL will require $ 16 million.

The sources further stated that, RLNG availability for power sector will be as follows: March 2023- 511 MMCFD, April, 649 MMCFD, May, 639 MMCFD, June, 536 MMCFD, July 647 MMCFD, August 567 MMCFD and September 512 MMCFD.

RLNG input is based on the re-gas profile shared by the LNG suppliers, i.e., without spot cargoes. However, PLL has communicated that it shall be retaining 40 MMCFD, 121 MMCFD, 124 MMCFD, 127 MMCFD, 120 MMCFD, 127 MMCFD and 128 MMCFD for the months from March-September 2023 respectively for supply to KE’s new plant.

The sources said SSGC retention has been assumed @ 75 MMCFD whereas captive power shall be supplied at 50 per cent of average consumption. RLNG supply to fertilizer sector will remain suspended till September-2023.

Copyright Business Recorder, 2023

Comments

Comments are closed.

Khadija, Lahore Mar 14, 2023 11:02am
I am eating beef, chicken etc on a regular basis. Most of the high-end malls are busy as usual. What's with this new drama of not having enough money to Import?
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Yogesh (India) Mar 14, 2023 11:05am
Pl forward to China please...
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Maqbool Mar 14, 2023 11:39am
If 8.5 billion is required for critical imports and 8.5 for repayments, then the outstanding is usd 17b with IMF contributing only $ 1 billion . Aren’t we then already bankrupt?
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S. Mar 14, 2023 12:38pm
@Maqbool , We've been bankrupt since last year, and the politicians are aware of this fact. However, instead of taking action, they are merely putting on a show for their constituents, promising to rescue us from default in order to win votes since they lack any substantial accomplishments to showcase
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S. Mar 14, 2023 12:43pm
@Khadija, Lahore , visting malls and eating beef can't be compared to import oil or any other essentials goods!
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Shahbaz Ali Mar 14, 2023 04:39pm
There should also be a mention of expected export and remittance inputs. SBP reserves will not be used for imports. Exports and remittances in mar-Sep would be around $42 billion. More than enough for key imports.
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bonce richard Mar 14, 2023 06:02pm
@S., Curtial the defense budget in this way we can stand by our own feet. Since 1947 we spending money on the Kashmir issue and we already lost one wing by the grace of the honorable army. Fair election and no interference from a corrupted army.
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Zaryab khan Mar 14, 2023 07:35pm
@bonce richard, who are you. Are u RAW spy
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Ehsan Mar 14, 2023 11:52pm
@Shahbaz Ali, how do you know exports would be 42 billion many industries have already shut down.
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hamza khan Mar 15, 2023 02:58am
@Yogesh (India), go look at your slums Yogesh lol. the worlds worst poverty is in your hell hole.
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Yogesh Mar 15, 2023 10:42am
@hamza khan, yeah now it's called Pakistan lol
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Rehan naeem Mar 15, 2023 10:38pm
Govt. Should review feul consumption policy. Perks for high officials need to be curtailed.
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Shahbaz Ali Mar 16, 2023 03:37pm
@Ehsan , Most of the industries are performing well. Importers are hurting but exporters and local manufacturers are are having a good time. Some remittances are being redirected to grey imports which serve a purpose. Pakistan is going through a phase of creative destruction because it got too dependent on imports. It will hurt in short term but good in long term as could not keep on piling external debt forever.
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Majeed Mar 16, 2023 07:23pm
@Shahbaz Ali, This budget requirement is only for fuel. If you talk about Exports ND Remittance, please do not forget to mention imports and loan repayments as well. It's not that easy boss.
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