Pakistan's petroleum imports decrease by 12% in January

The imports of the overall petroleum group declined by 12 percent to $ 1.3b during January 2023 as compared to the corresponding period of the last year (YoY), reported 24NewsHD TV channel. 

According to the reports, the consumption of oil products continues to witness a consecutive decline in the country as major consumers – like factories – have closed shop amid a high financial crisis in wake of depleting foreign exchange reserves.

Arif Habib Limited, a private entrepreneur taking to Twitter penned that the import of petroleum oils and gases dropped by 12% to $1.3 26 billion in January 2023 only. 

Petroleum imports decreased by 12% YoY to USD 1.3bn during Jan’23.

Jan’23: $ 1.3bn, -12% YoY, -16% MoM
7MFY23: $ 10.6bn, -9% YoY@PBSofficialpak @StateBank_Pak #PBS #Oil #Imports #LNG #Economy #AHL pic.twitter.com/FjTQjz0S3Q

— Arif Habib Limited (@ArifHabibLtd) February 17, 2023

According to the Pakistan Bureau of Statistics (PBS), Pakistan’s petroleum group imports witnessed a negative growth of 9.27 percent during the first seven months (July-January) of the current fiscal year 2022-23 (FY23) and stood at $10.611 billion compared to $11.696 billion during the same period of last fiscal year.

The data says that petroleum group imports decreased by 16.34 percent on a month-on-month (MoM) basis in January 2023 and stood at $1.326 billion compared to $1.585 billion in December and decreased by 12.42 percent on a year-on-year (YoY) basis compared to $1.514 billion in January 2022. 

Petroleum products witnessed 14.74 percent negative growth during the first seven months of FY23 and stood at $4.889 billion compared to $5.734 billion during the same period of the last fiscal year.

On MoM basis, they stood at $687.615 million in January 2023 compared to $649.862 million in December 2022 and registered 5.81 percent growth. On a YoY basis, petroleum products imports witnessed a growth of 1.47 percent compared to $677.684 million in January 2022.