Islamabad February 16 2022: As per the latest data released by Pakistan Bureau of Statistics (PBS), Pakistan Petroleum imports during January 2022, increased by 74 percent YoY to USD 1,514 million, while it is down by 25 percent compared to December 2021.
The decline in imports on MoM basis is declined due to 27 percent decline in volume of petroleum products to 1,140 thousand tons and LNG imports. Country imported 1,568 thousand tons of petroleum products during December 2021. LNG imports decline by 23 percent to USD 372 million compared to LNG imports of 480 million during December 2021.
However, petroleum imports witnessed an increase of 107 percent during 7MFY22. It the highest Petroleum imports for any 7 Months. Rise in Petroleum imports is witnessed due to 74 percent YoY rise in crude oil prices along with 25 percent higher volumetric imports.
Petroleum products imports during 7MFY22 increased by 125 percent to 5,734 million. 25 percent Higher volumetric imports along with higher prices were the reasons behind this increase.
Crude oil imports during 7MFY22 also increased by 81 percent to 2,796 million. 74 percent Higher prices was the main reasons behind this increase, however volumes remained stable at 5,254 thousand tons.
LNG imports during 7MFY22 also increased by 45 percent to 2,769 million. Higher prices was the main reasons behind this increase.