Oil import bill increases to $17b

The 0il import bill increased by 95.9 percent to US$17.03 billion July-April FY2022 compare to US$8.69 billion during the corresponding period last year.

According to the economic survey 2021-22 issued by the federal minister, the import of petroleum products went up by 121.15 percent in value and 24.18 percent in quantity.

During July-April FY2022, the import of petroleum products increased to US$8.55 billion in July-April FY 2022 compared to US$3.87 billion during July-April 2021.

It said that the crude oil imports rose by 75.1 percent in value and 1.4 per cent in quantity during the period under review.

Petroleum crude reached to US$4.22 billion July-April FY2022 against US$2.41 billion in the same period in FY2021.

During July-March FY2022, the total processed imported crude stood at million metric tons while processed local crude recorded at 2.31 million metric tons.

Similarly, the import of LNG has increased by 39.86 percent during July-April FY2022. It is important to note that increase in LPG is largely triggered by increase in value which stood at 82.90 percent.

Higher oil prices in the global market and massive depreciation of the Pakistani rupee making oil imports more expensive, triggering external sector pressure and is widening trade deficit of the country, it added.