Petroleum imports dip on high prices

Imports of the petroleum group dipped 11.66 per cent year-on-year in the July-March period of FY23 owing to the sharp reduction in consumption as a result of the slowing down of the economy amid unprecedented inflation. The highest-ever increase in prices in the country’s history also contributed to lower consumption of petroleum products. At the same time, not only did the local production decline but the export of petroleum products from the country also posted negative growth. In absolute terms, the total import value of the petroleum group fell to $13.08bn in 9MFY23 from $14.81bn over the corresponding months of last year. Data compiled by the Pakistan Bureau of Statistics (PBS) showed the imports of petroleum products declined by 19.91pc in value during 9MFY23 and 34.01pc in quantity. Import of crude oil decreased by 12.72pc in quantity while the value increased by 4.69pc.