As Pakistan’s economy is still recovering from the third wave of the Covid-19 pandemic, economic activity has started returning to normal. As a result, demand for the refined petrol and oil products continued to grow as it increased its imports increased by 97% year-on-year to $ 1.14 billion in the month of April-2021. While on monthly basis imports of the Petrol and other refined oil products increased by 3.2%.
As per the data published by the Pakistan Bureau of Statistics (PBS), oil products remained the main contributor to the 650% year year-on-year increase in import expenditures, while on monthly basis it increased by 42.45%. Similarly, LNG imports reached USD 294.73 million during April-2021, marking a 94.67% year on year rise, while on a monthly basis the same product increased by 27.19% compared to the previous month.
Likewise, LPG continued to be major contributor to imports as its import stood at $ 418.12 million.
Petroleum Group accounted for 19.43% of total imports in the first ten months of fiscal year 2021 (July’2020 to April’2021), which is $ 7.5 billion, compared to $ 8.7 billion in the corresponding fiscal period of 2020, marking an annualized decrease of 8.26% compared to the same period last year.
In terms of exports, between July’2020 and April’ 2021, the oil and coal group of companies decreased by 41.75% compared to the same period last year to USD 145.47 million, compared to USD 249.75 million in the same period of fiscal year 2020.
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