Petroleum imports plunge by 16.76% MoM

October 17, 2018 (MLN): Cost of petroleum imports has fallen down by 16.76% on MoM basis as the total imports of petroleum commodities amounted to $1.14 billion in September, as compared to $1.37 billion imports in August.

On a YoY basis, the total imports of petroleum commodities improved by 0.42% as they increased from $1.13 billion in Sept-17 to $1.14 billion in Sept-18.

Crude petroleum reported the largest decrease in imports by 36.74% on a MoM basis, as it fell from $508 million in Aug-18 to $321 million in Sept-18.

In terms of YoY comparison, import of crude petroleum has however surged by 13.58% as the value of imports stood at $283 million in Sept-17.

Liquefied Natural Gas (LNG) Imports demonstrated a decrease of 13.97% on a MoM basis, as it plummeted from $236 million in Aug-18 to $280 million in Sept-18.

Conversely, LNG witnessed the largest growth of 115% in the cost of imports on YoY basis, having grown from $130 million in Sept-2017 to $280 million in Sept-18.

Liquefied Petroleum Gas emerged as the only commodity to have witnessed a decline in terms of both MoM (6.97%) and YoY (46.44%) basis, as it decreased from $18 million in Aug-2018 and $31 million in Sept-2017, to $17 million in Sept-2018.

Petroleum products exhibited a growth of 0.77% on a MoM basis, increasing from $517 million in Aug-18 to $521 million in Sept 18. On the other hand, it fell by 24.49% on a YoY basis as it stood at $690 million in Sept-17.

On a quarterly basis, the total imports of petroleum commodities exhibited an increase of 19.44%, as they increased to $3.7 billion for the period July-Sept 2018 against $3.1 billion for the corresponding period last year.

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