AIRLINK 177.94 Increased By ▲ 0.38 (0.21%)
BOP 11.18 Increased By ▲ 0.13 (1.18%)
CNERGY 8.23 Increased By ▲ 0.06 (0.73%)
FCCL 47.80 Increased By ▲ 0.48 (1.01%)
FFL 16.19 Increased By ▲ 0.07 (0.43%)
FLYNG 27.35 No Change ▼ 0.00 (0%)
HUBC 146.59 Decreased By ▼ -0.32 (-0.22%)
HUMNL 13.51 No Change ▼ 0.00 (0%)
KEL 4.52 Increased By ▲ 0.02 (0.44%)
KOSM 5.98 Increased By ▲ 0.07 (1.18%)
MLCF 63.19 Increased By ▲ 1.17 (1.89%)
OGDC 234.30 Decreased By ▼ -0.38 (-0.16%)
PACE 5.86 Increased By ▲ 0.06 (1.03%)
PAEL 46.75 Increased By ▲ 0.34 (0.73%)
PIAHCLA 18.15 Increased By ▲ 0.03 (0.17%)
PIBTL 10.61 Increased By ▲ 0.04 (0.38%)
POWER 12.40 Increased By ▲ 0.41 (3.42%)
PPL 192.44 Increased By ▲ 0.64 (0.33%)
PRL 37.47 Increased By ▲ 0.15 (0.4%)
PTC 23.20 No Change ▼ 0.00 (0%)
SEARL 100.50 Decreased By ▼ -0.39 (-0.39%)
SSGC 39.65 Decreased By ▼ -0.06 (-0.15%)
SYM 15.09 Increased By ▲ 0.06 (0.4%)
TELE 7.90 Increased By ▲ 0.06 (0.77%)
TPLP 11.15 Increased By ▲ 0.04 (0.36%)
TRG 67.30 Increased By ▲ 0.01 (0.01%)
WAVESAPP 11.35 No Change ▼ 0.00 (0%)
WTL 1.38 Increased By ▲ 0.02 (1.47%)
YOUW 3.80 Increased By ▲ 0.03 (0.8%)
BR100 12,872 Increased By 65.6 (0.51%)
BR30 39,782 Increased By 78.6 (0.2%)
KSE100 119,282 Increased By 344.1 (0.29%)
KSE30 36,892 Increased By 135.9 (0.37%)

ISLAMABAD: Pakistan’s petroleum import bill declined in the first nine months (July-March) of fiscal year 2023-24 due to lower consumption, according to the Pakistan Economic Survey 2023-24 released on Tuesday.

The decline in consumption can be attributed to the decline in economic activity and increase in product prices, according to the survey.

Total imports of petroleum products declined to 11,047 thousand MT at a value of US $ 8.36 billion.

The major imported products are motor spirit (MS), high-speed diesel (HSD) and crude oil. As compare with nine month of last fiscal year 2022-23, MS import bill declined from $3.704 billion to $3.156 billion, HSD from $1.646 billion to $1.050 billion and crude oil from $4.287 billion to $4.051 billion.

The consumption of petroleum products has shown a decline of 7.2 percent (from 13.3 million tonnes to 12.3 million tonnes), during the first nine months (July-March) 2023-24. For instance, the survey pointed out, the transport sector alone has witnessed a decline in consumption of petroleum products from around 10.2 million tonnes to 9.8 million tonnes (a decline of 4.8 percent).

Oil and gas exploration companies showed a mixed trend during the period under review. A two percent decline has been witnessed in gas exploration and 1.5 per cent raise in crude oil production.

The gas production has been declined from 1,190 mmcft in first nine months of previous fiscal to 1166 per mmcft same period current year.

Crude oil production, however, raised by 1.5 percent from 25.5M barrel to 25.7M barrel.

Oil and gas exploration companies have been included in the top five sectors with 13.5 percent at sector-wise market capitalisation at the Pakistan Stock Exchange. The market capitalisation of these companies increased from Rs812.491 billion on June 2023 to Rs1.273 trillion by end March 2024 or 56.7 percent increased.

The maximum gas consumption is from the power sector, domestic, and fertilisers, with 894 MMCFD, 864 MMCFD, and 764 MMCFD, respectively.

Copyright Business Recorder, 2024

Comments

Comments are closed.