ISLAMABAD – Pakistan’s oil import bill has witnessed a significant surge, reaching $8.68 billion, driven by a substantial increase in the import of liquefied natural gas (LNG), as reported by the Pakistan Bureau of Statistics (PBS).
Data indicates a 10 percent rise in the oil import bill during July – January 2018/2019, compared to $7.89 billion recorded in the corresponding period of the last fiscal year.
The most notable contributor to this increase is the import of LNG, which experienced a sharp uptick of 74.68 percent. The figures reveal that LNG imports amounted to $1.97 billion during the first seven months of the current fiscal year, compared to $1.13 billion in the same period of the previous fiscal year. This substantial rise underscores the growing reliance on LNG as a key component of Pakistan’s energy mix.
Contrastingly, the import of finished petroleum products witnessed a decline of 13.37 percent, totaling $3.85 billion during the period under review, compared to $4.44 billion in the corresponding period of the last fiscal year. This decline could be attributed to various factors, including changes in consumption patterns, market dynamics, and global oil prices.
The import of petroleum crude, on the other hand, marked a notable increase of 27.15 percent. The import bill for petroleum crude reached $2.7 billion during the first seven months of the current fiscal year, compared to $2.13 billion in the corresponding period of the last fiscal year. This rise may be influenced by factors such as fluctuations in global crude oil prices and shifts in domestic demand.
The import of Liquefied Petroleum Gas (LPG) experienced a decline of 19.66 percent, reaching $152.6 million during the period under review, compared to $190 million in the corresponding period of the last fiscal year. This decline in LPG imports could be attributed to various factors, including changes in consumer preferences and market dynamics.
The dynamics of Pakistan’s oil import bill reflect the intricate interplay of global energy markets, domestic energy demands, and government policies aimed at securing a stable and sustainable energy supply. The notable increase in LNG imports signals a strategic focus on diversifying the energy mix and meeting the growing demand for cleaner and more efficient fuel sources.
As the energy landscape continues to evolve, stakeholders in the energy sector will closely monitor these trends to assess the implications for energy security, economic sustainability, and the overall stability of Pakistan’s energy supply. The government’s efforts to balance the energy mix and manage the import bill underscore the importance of a well-calibrated and dynamic energy policy.
