Islamabad June 18 2023: As per the latest data released by the Pakistan Bureau of Statistics (PBS), Pakistan Petroleum imports witnessed a decrease of 21.8 percent with quantum of USD 15,382 million during the first eleven months of the fiscal year 2023 due to economic slowdown and record high local oil prices.
The decline in Petroleum imports is witnessed due to 32.4 percent YoY decline in petroleum products, 19.0 percent decline in Liquified Natural Gas (LNG) imports and 4.9 percent fall in petroleum crude imports.
Petrol and High Speed Diesel prices increased by 83.8 percent and 88.8 percent to PKR 276.8 a liter and PKR 273.5 a liter during the last week of May, according to data compiled by PBS.
Moreover, in May 2023, Petroleum imports decreased by 46.8 percent YoY to USD 1,407 million due to higher petroleum prices, while it is up by 57.9 percent compared to April 2023.
The decline in imports on year on year basis due to a decline in quantity of petroleum products and crude oil imports as former quantity decline by 44.8 percent while later fall by 5.4 percent when compared to the same month last year.
Petroleum product imports during first eleven months of fiscal year 2023 decreased by 32.7 percent to USD 6,748 million, 39 percent lower volumetric imports were the reasons behind this decrease.
Crude oil imports during the same period decreased by 4.9 percent to USD 4,522 million as volumes decreased by 13.9 percent to 7,017 thousand tons.
Country imported Liquified Natural Gas of worth USD 3,471 million in first eleven months of fiscal year 2023, which is 19.1 percent lower when compared with the imports during the same period last year. However, Liquified Petroleum Gas imports increased by 5.4 percent during first eleven months to USD 639 million.
