Oil Import Bill Declines to $3.076 billion
Pakistan’s oil import bill has declined to $3.076 billion in first four months of current financial year against $4.856 billion in the corresponding months of previous year, registering 36.65 percent negative growth.
The import of both crude petroleum products and manufactured ones declined 49.21 and 27 percent, respectively during the months under review, Federal Bureau of Statistics (FBS) reported on Thursday.
Import of manufactured products came to $2.003 billion in the July-October against $2.744 billion in the same months of previous year. Crude petroleum products totaled $1.072 billion in the said months over $ 2.112 billion in the same period of previous year. The falling import of oil products gave much relief to government in the form of less spending on import that otherwise created grave difficulties for the government when import bill was touching its highest levels in the history of the country. Analysts said that fall in the import of petroleum products were mainly attributed to sharp decline in its price globally.
On month-on-month basis, import of oil grew 29.38 percent over the preceding month of September and when compared with the same month of previous year, its import fell by 10.68 percent.
