ISLAMABAD: Pakistan’s oil import bill has experienced significant double-digit growth during the first ten months of the current fiscal year, accompanied by a notable surge in petroleum product exports compared to the previous year.
Increased Crude Oil Imports and Local Refinery Production
Data from the Pakistan Bureau of Statistics (PBS) reveals that crude oil imports increased by over 14 percent, reaching 8.489 million tonnes in the first 10 months of the fiscal year, compared to 7.388 million tonnes during the same period last year.
This rise in crude imports has encouraged local refineries to ramp up production of petroleum products, resulting in greater export volumes. The output of eleven petroleum products combined showed a 4.48 percent growth year-on-year, with high-speed diesel production—a key fuel for transportation and agriculture—increasing by 9.32 percent. Additionally, furnace oil production rose by nearly 2.73 percent, marking a strong revival in this sector.
Interestingly, despite a 7.12 percent increase in the quantity of petroleum imports to 8.78 million tonnes, their overall value dropped by 6.29 percent during the same period. Liquefied natural gas (LNG) imports fell by 10.31 percent, whereas liquefied petroleum gas (LPG) imports rose sharply by 34.71 percent.
Surge in Petroleum Product Exports Boosting Economy
Exports of petroleum products showed exceptional growth, rising by more than 118 percent to $492.04 million during the first ten months of the fiscal year, compared to $224.97 million in the previous year.
Specifically, petroleum product exports excluding top naphtha more than doubled to 888,737 tonnes from 437,687 tonnes.
The export of petroleum crude also made a remarkable comeback, increasing to 40,552 tonnes after no exports were recorded in the corresponding period last year. Petroleum top naphtha exports surged by 105 percent to 82,266 tonnes year-on-year.
This growth in both imports and exports reflects increased economic activity, higher utilization rates at refineries, and a positive outlook for Pakistan’s economy in the current fiscal year.
