Petroleum imports slip 18pc

The imports of the petroleum group witnessed a significant decline of 17.96 per cent during the July-April period of FY23 compared to the previous year, Pakistan Bureau of Statistics data showed on Monday. This drop can be attributed to a sharp reduction in consumption, which was a direct result of a slowing economy amidst unprecedented inflationary pressures. The country also witnessed the highest-ever increase in fuel prices. Moreover, both local production and the export of petroleum products from the country suffered negative growth, exacerbating the overall situation. In terms of absolute figures, the total import value of the petroleum group contracted to $13.97 billion in the first 10 months of FY23, down from $17.03bn in the corresponding period of the previous year.