Islamabad January 18 2022: Pakistan’s petroleum import bill recorded a sharp increase in the first half of fiscal year 2022 (July-December) from a year ago owing to rising prices on the international market.
The total import bill inched up by 66.23 percent to USD 40.6 billion in 6MFY22 as against USD 24.45 billion in the corresponding period of 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.
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The oil import bill rose by over 113.39 percent to USD 10.18 billion in 6MFY22 from USD 4.77 billion over the corresponding period last year. The domestic users had to endure unprecedented increases in the prices of petroleum products.
Data released by the Pakistan Bureau of Statistics on Monday showed that the import of petroleum products went up by 133.16 percent in value and 28.96pc in quantity. Crude oil imports rose by 82.12pc in value while decline by 0.69 percent in quantity in 6MFY22 while those of liquefied natural gas increased by 128 percent in value to USD 2.39 billion. Liquefied petroleum gas imports jumped by 38.7 percent.
