ISLAMABAD – The country’s imports of the petroleum group has witnessed a significant decline of 17.96 per cent during the July-April period of FY23 compared to the previous year.
Data released by the Pakistan Bureau of Statistics data shows that in terms of absolute figures, the total import value of the petroleum group shrank to $13.97 billion in 10mFY23 as compared to $17.03bn in the corresponding period of the previous year.
The imports of petroleum products fell by 28.07pc in value during 10MFY23 and 38.18pc in quantity. Import of crude oil decreased by 14.88pc in quantity while the value decreased by 1.98pc.
Similarly, liquefied natural gas (LNG) imports fell by 16.06pc during July-April FY23 on a year-on-year basis. Liquefied petroleum gas (LPG) imports jumped 3.53pc during the months under review due to domestic shortages.
In April, total oil imports declined by 59.91pc to $891.46 million, from $2.22bn in the same month last year.
Furthermore, both local production and the export of petroleum products from the country suffered negative growth, the PBS data reveals.
The import of petroleum products dropped primarily owing to a sharp reduction in consumption, which was a direct result of a slowing economy amidst record inflationary pressures.