Oil imports fall by 24.56pc in four months

Category: General , Announcement

Pakistan’s oil imports declined by 24.56 percent in first four months (July to October) of the current fiscal year, easing pressure on the country’s foreign exchange reserves.  The country’s oil imports were recorded at $3.15 billion in July to October period of 2020-21 as compared to $4.18 billion in corresponding period of the last year, showing decline of 24.56 percent, according to the latest data of Pakistan Bureau of Statistics (PBS). The reduction in oil imports is helping in easing pressure on the country’s foreign exchange reserves.  The PBS data showed the breakup of oil imports bill as petroleum product imports declined by 50 percent in the first four months. Meanwhile, import of crude oil had gone down by 26.13 percent. Similarly, import of liquefied natural gas fell by 46.14 percent. However, liquefied petroleum gas (LPG) imports increased by 54.09 percent in value in July-October.

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