Petroleum imports fall by 8 percent as demand drops
Imports of the petroleum products decreased nearly 8.11 per cent year-on-year to $7.70 billion in the first five months of the current fiscal year owing to the sharp reduction in demand.
Rising prices also led to a drop in consumption of petroleum products, with imports of the machinery group falling by more than 42 percent during the July-November 2022-23.
According to the data compiled by the Pakistan Bureau of Statistics (PBS), the imports of petroleum products dipped by 14.52pc and the quantity decreased by 36.09pc, while the import of crude oil slashed by 18.48pc but the price witnessed hike of 10.55pc.
LNG imports declined by 17.38 percent during the first 5 months of the current financial year as the impact of which was reflected in relatively low power generation through the liquefied gas.
On the other hand, imports of Liquefied petroleum gas (LPG) increased by 16.19 percent.
The Pakistan Bureau of Statistics is yet to release November data for domestic production, which saw a decline of 15.04 percent in October compared to last year.
The impact of cut in crude oil imports was also reflected in lower production of petroleum products by local refineries.