Import bill of petroleum products ballooned by 87% YoY in Sept’21

October 17, 2021 (MLN): Amid the supply bottlenecks and resurgence of demand for energy products after the Covid-19 pandemic, the world is going through a severe energy crisis, wherein petroleum products have become expensive for many.

The economy of Pakistan has also felt the jolt of the global energy crisis which is clearly reflected in the import bill of petroleum products during the month of September’21 which stood at $1.5billion, depicting a colossal surge of 87% YoY, compared to September’20. However, the import of the same group witnessed a meager drop of 14% MoM.

According to the data released by the Pakistan Bureau of Statistics (PBS), the group contributed around 23% to the total imports during the month.

The petroleum products remained the major contributor, inflating the import bill by 69.36% YoY whereas, on a MoM basis, the import bill has declined by28.66% to clock in Rs636.28million.

In addition, the import bill of petroleum crude stood at Rs436mn in September’21, showing an upsurge of 75.15% YoY. On the other hand, the same commodity witnessed a meager drop of 1.46% MoM as compared to August’21.

The import of Natural Liquefied Gas recorded at $373.18mn, depicting a twofold increase on yearly basis. The import bill of the same commodity moved down by 1.73% on the monthly basis.

Cumulatively, the import bill of the petroleum group clocked in at $4.6bn during July-September FY22, showing a massive surge of 97.3% YoY.

On the export front, the total export of Petroleum group & coal increased by 65.79% YoY and 15x MoM to stand at $27.23mn.

Commodity-wise, the main exportable product was petroleum products (EXCL Top Naphta) which stood at $3.16mn, depicting a jump of 78.69% on a monthly basis whereas, the export of the same commodity plunged by 36.83%

During the first quarter of FY22, the export of the petroleum group was $58.406mn, showing an up of 26% YoY, compared to the same period last year.

Copyright Mettis Link News