July 1, 2019: The country's domestic production of crude oil has witnessed around 12. 8 percent increase during July-March of last fiscal year.
The domestic production of crude oil remained 24.6 million barrels during the period under review as compared to 21.8 million barrels in the same period of year 2017-18.
The oil import decreased by 15.38 percent mainly due to increase in international prices. The quantity of imported crude oil remained 6.6 million tons worth $3.4 billion as compared to 7.8 million tons worth $2.9 billion during the corresponding period of 2017-18.
Oil Marketing Companies, in the year 2017-18, imported around 13.3 million ton (mt) of different petroleum products to meet its ever growing energy needs. Out of this, the private sector companies imported around 38 percent petroleum products including High Speed Diesel (HSD), High Sulphur Fuel Oil and Low Sulphur Fuel Oil (HSFO/LSFO), Jet Fuel, Motor Gasoline (Mogas), RON (Research Octane Number) 95 and 97 under specified quality and testing mechanism notified by Oil and Gas Regulatory Authority (OGRA).
During the period, around 13,343,737 mt petroleum products were imported from nine countries including United Arab Emirates, Oman, Kuwait, Saudi Arabia, Singapore, Malaysia, Netherlands, Belgium and Norway.
The Oil and Gas Regulatory Authority (OGRA), being a watchdog, pursues an effective policy regarding sampling and testing of the imported petroleum products for onward distribution in every nook and cranny of the country.
Under the policy, the imported petroleum products, conforming to the approved specifications notified by the Petroleum Division, are allowed to be used in the country.