Islamabad July 20 2022: Pakistan’s petroleum import bill recorded a sharp increase in the fiscal year 2022 (July-June) from a year ago owing to rising prices in the international market.
The total import bill inched up by 42.21 percent to USD 80.176 billion in fiscal year 2022 as against USD 56.379 billion in the last year.
The steady increase in import bill of petroleum products are triggering trade deficit and pose a threat to cause pressures on the external side of the government. As a result, unprecedented increase in prices was seen for domestic users.
The oil import bill rose by over 105.31 percent to USD 23.31 billion in fiscal year 2022 compared with USD 11.35 billion. The domestic users had to endure unprecedented increases in the prices of petroleum products.
Data released by the Pakistan Bureau of Statistics on Tuesday showed that the import of petroleum products went up by 133.90 percent in value and 28.28 percent in quantity. Crude oil imports rose by 80.18 percent in value and increase by 5.26 percent in quantity in fiscal year 2022.
Imports of liquefied natural gas increased by 90.65 percent in value to USD 4.98 billion. Liquefied petroleum gas imports jumped by 39.7 percent to USD 660.68 million during the year.
