Pakistan’s Petroleum Imports Dropped by Over 12% in 2023-24

Staff Report

Pakistan’s Petroleum Imports have Dropped by Over 12% in the first seven months of the 2023-24 fiscal year.

The imports of the overall petroleum group have witnessed a decline of 12.06 percent during the first seven months of the ongoing financial year 2023-24.

This has been revealed by the data released by the Pakistan Bureau of Statistics (PBS).MoU Seals Consortium for Machike-Thallian-Tarujabba White Oil Pipeline Project

From July to January (2023-24), total petroleum group imports amounted to $9,332.322 million, down from $10,611.727 million in the corresponding period the previous year.

Within the petroleum category, imports of petroleum products notably decreased by 25.94 percent, falling from $4,889.799 million to $3,621.420 million.

Meanwhile, imports of petroleum crude witnessed a smaller decline of 3.96 percent, dropping from $3,100.481 million to $2,977.671 million during the review period.

On a year-on-year basis, petroleum group imports showed a marginal increase of 0.03 percent in January 2024 compared to January of the previous year, rising from $1,326.205 million to $1,326.540 million.

However, on a month-on-month basis, petroleum imports into the country dropped by 14.52 percent in January 2024 compared to December 2023 when imports stood at $1,551.870 million, according to the data provided.

Imports of Liquefied Natural Gas (LNG) experienced a 4.82 percent increase, rising from $2,192.489 million to $2,298.144 million.

The demand for LPG increased during the winter months due to a shortage of natural gas for domestic consumers.

Though expensive LNG is diverted toward domestic consumers to overcome the gas crisis, the demand for Liquefied Petroleum Gas (LPG) continues to rise.

The import of LPG grew by 1.47 percent, reaching $434.991 million compared to $428.687 million in the corresponding period of 2022-23.