POL import bill shrinks by 12.06% in 7 months

ISLAMABAD, Feb 19 (APP): The imports of the overall petroleum group contracted by 12.06 percent during the first seven months of the current fiscal year (2023-24) as compared to the corresponding period of the last year, the Pakistan Bureau of Statistics (PBS) reported. The total imports of the petroleum group during July-January (2023-24) stood at $ 9,332.322 million against the imports of $ 10,611.727 million during the same period of last year

Among petroleum commodities, the import of petroleum products declined by 25.94 percent, from $ 4,889.799 million last year to $ 3,621.420 million during the period under review year whereas petroleum crude dipped by 3.96 percent from $ 3,100.481 million to $ 2,977.671 million. However, the imports of Liquefied Natural Gas (LNG) increased by 4.82 percent from $ 2,192.489 million last year to $ 2,298.144 million while the import of Liquefied Petroleum Gas (LPG) went up by 1.47 per cent in the first seven months and stood at $434.991 million as compared to $428.687 in the corresponding period in 2022-23.

Meanwhile, on a year-on-year basis, the petroleum group imports witnessed an increase of 0.03 percent during the month of January 2024 as compared to the same month of last year, from $ 1,326.205 million to $1,326.540 million. On a month-on-month basis, the petroleum imports into the country decreased by 14.52 percent during January 2024, as compared to the imports of $ 1,551.870 million in December 2023, said the data.