ISLAMABAD: The Pakistan Bureau of Statistics (PBS) has reported a notable contraction of 16.19 percent in the imports of the overall petroleum group during the initial five months of the current fiscal year (2023-24) compared to the corresponding period last year.
From July to November (2023-24), the total imports of the petroleum group amounted to $6,453.914 million, marking a decline from $7,700.269 million recorded during the same period the previous year.
Breaking down the petroleum commodities, the import of petroleum products experienced a significant decrease of 25.08 percent, declining from $3,552.323 million last year to $2,661.234 million in the current fiscal period.
Similarly, the imports of Liquefied Natural Gas (LNG) decreased by 7.47 percent, moving from $1,584.800 million to $1,466.418 million, while petroleum crude saw a dip of 9.71 percent, falling from $2,273.328 million to $2,052.542 million.
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Additionally, the import of Liquefied Petroleum Gas (LPG) witnessed a decline of 5.53 percent during the first five months of the current fiscal year, standing at $273.641 million compared to $289.671 million in the corresponding period in 2022.
Examining the data on a year-on-year basis, petroleum group imports experienced a decrease of -13.44 percent in November 2023 compared to the same month the previous year, dropping from $1,646.183 million to $1,424.903 million.
On a month-on-month basis, petroleum imports into the country decreased by 6.70 percent in November 2023 compared to the imports of $1,527.147 million in October 2023, as per the PBS data.
—APP
