Petroleum imports into Pakistan fell by 18% in 10MFY23.
In comparison to the prior year, the country’s petroleum group imports had a notable decrease of 17.96% from July through April of FY23.
According to statistics made public by the Pakistan Bureau of Statistics, the overall import value of the petroleum group decreased to $13.97 billion in 10mFY23 from $17.03 billion in the same period the year before.
During 10MFY23, the value and volume of petroleum product imports decreased by 28.07 and 38.18 percent, respectively. Crude oil imports fell 14.88 percent in volume and 1.98 percent in value.
Similarly, liquefied natural gas (LNG) imports decreased 16.06 percent year over year from July through April of FY23. Due to shortages at home, liquefied petroleum gas (LPG) imports increased 3.53 percent during the months under study.
From $2.22 billion in April of last year, overall oil imports dropped by 59.91 percent to $891.46 million in April of this year.
The PBS data also shows that domestic production and exports of petroleum products from the nation both saw negative growth.
With record inflationary pressures and a faltering economy, the import of petroleum products decreased principally as a result of a steep decline in consumption.