Oil imports plunge 22.3% YoY in 1HFY21

January 18, 2021 (MLN): Petroleum imports declined 22.32% YoY in value during 1HFY21 to $4.77 billion from $6.142 billion recorded in the corresponding period of last year.

The significant fall in petroleum imports has been witnessed since March 2020, when the full lockdown was imposed, and private transport came to a halt.

Data compiled by the Pakistan Bureau of Statistics (PBS) showed that within the fuel group, the import bill of Petroleum Products dipped by 16.3% YoY to $2.168 billion in value, despite increasing by 47.45% in quantity during Jul-Dec FY21.

Similarly, import of Petroleum Crude decreased 25.31% YoY to $1.32 billion during the period mentioned above while those of Liquefied Natural Gas fell by 35.33% YoY to $1.052 billion.

On the other hand, liquefied petroleum gas imports jumped 48.79% YoY in 1HFY21 to $227.64 million from $153 million in the same period of last year.

In the month of December alone, import of oil group plunged by over 20% YoY to $824.87 million as against $1 billion over the corresponding month last year.

However, on monthly basis, the imports of the same group grew by 6% MoM.

The products that contributed in declining Petroleum import bill on yearly basis in December include Petroleum Products, Petroleum Crude and Natural Liquefied Gas as their imports declined by 15.23%, 16.45% and 38% YoY respectively.

Meanwhile, exports of the Petroleum and Coal group plunged by 44.8 % YoY in 1HFY21 to $92.6 million from $168 million during Jul-Dec FY2.

In the month of December 2020, export receipts from Petroleum group & coal have been recorded at $19.95 million, showing a significant increase of 227.9% when compared to exports of November 2020. While on yearly basis, it witnessed a decline of 29.39%.

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