Business

Petroleum group import reduces 36.21% in 11 months

Latest Update: July 14, 2016 | 333 Views
Oil

ISLAMABAD: Petroleum group import in the country witnessed sharp decrease of 36.21 percent during eleven months of financial year 2015-16 as compared to the same period of last financial year.

According the data of Pakistan Bureau of Statictics, country managed to save about US$ 3.867 billion from the national exchequer on the import of petroleum products during the period under review as the prices of the commodity also witnessed sharp decrease in its prices in international markets.

During the period from July-May, 2015-16 petroleum products import in the country also reduced by 31.82 percent as compared to same period of financial year 2014-15.

About 10,440,967 metric tons of petroleum products worth US$ 4.72 billion were imported in first eleven months of financial year 2015-16 as compared to import of 10,605,550 metric tons valuing US$ 6.933 billion of same period of 2014-15.

Meanwhile, petroleum crude import in the country during the period under review also witnessed sharp decrease of 44.32 percent as it went down from 5,051,259 metric tons to 5,370,406 metric tons, it added.

During last 11 months country saved US$ 1.665 billion on import of crude petroleum import as its import was recorded at US$ 2.087 billion from July-May 2015-16 as compared to import of US$ 3.748 billion of same period last year.

On month on month basis, petroleum group imports in the country also registered negative growth in month of May as compared to same month of last financial year.

Petroleum group import was recorded at US$ 719.936 million during the month of May, 2016 as compared to import of US$ 821.017 million of same month of financial year 2015.

The petroleum products imports also registered decreasing trend of 12 percent where as crude petroleum by 13.57 percent in month of May, 2016.

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