Islamabad May 16 2024: Pakistan’s petroleum imports surged by 88 percent in April 2024, marking the highest monthly oil imports since August 2022, according to the latest data from the Pakistan Bureau of Statistics (PBS).
The increase in petroleum imports is attributed to a 113 percent year-on-year rise in the volumes of petroleum products and an 85 percent increase in the volumetric imports of crude oil. Additionally, refineries in the country imported crude oil at USD 101 per barrel, which is 13 percent higher than the crude import prices in April 2023.
In April 2024, petroleum imports rose by 88 percent year-on-year to USD 1,676 million, and by 11.34 percent compared to March 2024, driven by higher oil prices.
The country imported LNG worth USD 343 million and LPG worth USD 78 million in April 2024, representing increases of 33 percent and 81 percent, respectively, compared to April 2023.
From July 2023 to April 2024, petroleum product imports decreased by 1.53 percent to USD 13,761 million due to a 6.5 percent decline in volumetric imports of petroleum products and lower prices of finished goods.
Crude oil imports during this period rose by 10 percent to USD 5,283 million, while petroleum crude oil imports saw a 14 percent decrease to USD 5,283 million.
The country imported LNG worth USD 3,253 million and LPG worth USD 657 million from July 2023 to April 2024, showing increases of 5 percent and 14 percent, respectively, compared to the same period last year.
Overall, country imports increased 63 percent to USD 4,864 million in April 2024, while down 4 percent to USD 44.9 billion from July to April 2024.
