ISLAMABAD, Pakistan: The slump in petroleum prices in international oil market has helped the country to considerably reduce its oil import bill besides saving the precious foreign exchange.
Petroleum group imports in the country during first seven months of current financial year witnessed a sharp decline of 37.91 percent as compared to the imports of corresponding period of last financial year.
During the period from July-January, 2015-16, petroleum group import in the country was recorded at US$ 4.663 billion as compared to US$ 7.509 billion of same period of last year, said data released by Pakistan Bureau of Statistics.
Meanwhile, the petroleum products worth US$ 3.081 billion were imported during last seven months of current financial year as compared to the imports of US$ 4.685 billion of corresponding period of last financial year, the data reveled.
In last seven months, about 3,365,987 metric tons of petroleum products imported in the country to fulfill the domestic requirements of the commodity as compared to the import of 3,736,697 metric tons imported in same period of last year, it added.
The data reveled that petroleum crude import in the country also recorded negative growth of 44.01 percent in its import during the period under review as crude petroleum import came down from 3,736,697 metric tons during July-January, 2014-15 to 3,765,987 in July-January, 2015-16.
On month-on-month basis, the petroleum group import in the country also registered negative growth as it was decreased by 14.31 percent in month of January, 2016 as compared to same month of last financial year.
During January, 2016 petroleum group import was recorded at US$ 482.474 million as compared to imports of US$ 582.718 million of January, 2015, the data added.
Meanwhile, during last month (January), 1,229,052 metric tons of petroleum products worth US$ 337.007 million imported as compared to 598,626 metric tons valuing US$ 380.410 million imported during last financial year.
During month of January, 2016, petroleum crude import witnessed sharp decrease of 42.25 percent as compared to same month of last financial year.
Crude import came down form US$ 182.617 million in January, 2015 to US$ 105.487 million in January, 2016 showing a sharp decrease of 42.25 percent, it added.
During month of January, about 558,000 metric tons of petroleum crude imported as compared to import of 270,380 metric tons of crude imported in same month of last financial year.