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In a surprising development, Pakistan’s fuel oil exports increased to a record in April, reported Bloomberg on Tuesday.

As per the report, Pakistan shipped out 164,000 tons of fuel oil in April, the largest volume since at least 2017, according to Kpler data compiled by Bloomberg. The data found that Pakistan did not import any fuel oil during March and April.

The development comes as the South Asian country, a net importer of fuel, faces lower domestic demand on account of cooler weather and an ongoing economic slowdown.

Bloomberg said that the unprecedented flows came against a backdrop of severe economic crisis, as the country faces dwindling foreign exchange reserves, high inflation and a weakened currency.

Meanwhile, the government remains in talks with the International Monetary Fund to restart a bailout programme, which has remained stalled since November last year.

Pakistan’s overall oil import decreased by 48% YoY (-22% MoM) during April 2023, according to data provided by Arif Habib Limited (AHL), a brokerage house, on Monday.

The brokerage house said that the country’s oil imports stood at 1.072 million tons during April as compared to 2.055 million tons during the same month last year.

The import of RLNG (Re-gasified Liquid Natural Gas), a key fuel for power plants, declined by 33% YoY to 1.816 million tons in April.

Earlier, Federal Minister for Power Khurram Dastgir during his interview with Bloomberg said that due to weaker demand Pakistan’s energy crisis is not as severe as last year.

This has put the country in a better position ahead of peak demand over summer, with Pakistan being able to produce more electricity from oil it has stockpiled recently and with additional coal generation coming on stream, he said during the interview then.

Comments

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Kashif ALI May 16, 2023 02:46pm
Should we say thanks to Climate Change? Yes, because the SPLY 2022, March had witnessed unprecedented heat and temperature rise. However, in 2023, the cool ambiance persisted till End of 1st week of May. The consumer electricity consumption was on average 30% down, however, it is poignant to observe that Bills of electricity will almost be same as last year. So, in other words, electricity cost or rates have increased proportionately to counter any positive impact of colder weather and reduced consumption of electricity.
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Tulukan Mairandi May 16, 2023 03:17pm
Amazing. Pakistan is stunted while world is growing.
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Pakistani1 May 16, 2023 03:26pm
Each cloud has a silver linning.
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KU May 16, 2023 08:13pm
The question is at what rate are we exporting oil? Strange are the ways of our policy makers, sure now that they have forgotten industry, agriculture, unemployed people and people who are in extreme difficulty.
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Tulukan Mairandi May 16, 2023 10:50pm
Btw when is the russian oil Cargo gonna arrive??
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Usman May 17, 2023 09:25am
Export was possible due to increase in availability of smuggled petroleum products from Iran. Smuggled product was even available in northern regions of the country whereas normally its limited to south or border areas only. As a result demand for legitimate product declined which resulted in export.
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Fishy Khan May 18, 2023 01:04pm
Who is buying petrol from Pakistan? Something's fishy
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