Petroleum group import reduces 35.51% in FY 2015-16

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ISLAMABAD, Jul 25 (APP): Petroleum group import in the country during financial year 2015-16 had witnessed 35.51 percent decrease as compared to the import of corresponding period of last financial year (2014-15).

Country saved over US$ 4 billion in terms of petroleum import during the financial year ending on June, 2015 due to downward trend of oil price in international markets, according the data of Pakistan Bureau of Statistics.

During the period under review, petroleum group import came down from US$ 11.95 billion to US$ 7.60 billion, showing an decrease of 35.51 as compared the import of financial year 2014-15.

Meanwhile, import of petroleum products registered decrease of 30.10 percent and reached at US$ 5.310 billion as compared to the imports of US$ 7.59 billion of same period of financial year 2014-15.

About 12,260,211 metric tons of petroleum products worth US$ 5.310 billion were imported in order to tackle the local requirements of the products, which were recorded at 11,733,089 metric tons valuing US$ 7.59 billion of financial year 2014-15.

During the period from July-June, 2015-16, crude petroleum import also decreased by 45.30 percent in dollars term, as it came down from US$ 4.196 billion to 2.295 billion.

Petroleum crude import was recorded at 6,134,347 metric tons during July-June, 2015-16 as compared to import of 5,697,122 metric tons from July-June, 2014-15,showing reduction of 45.30 percent.

On month-on-month basis, the import of petroleum group also registered negative growth of 28.78 percent in month of June, 2016 as compared to same month of last financial year.

Import of petroleum group was recorded at US$719.671 million in month of June as compared to import of US$ 1.111 billion of same month of last year.

On the other hand, petroleum crude import decreased by 12.10 percent as about 1,819,244 metric tons of petroleum products were imported in month of June, 2016 by spending US$ 583.269 million as compared to the import of 1,127,539 metric tons of US$ 663.533 million of same month of last financial year.

Meanwhile, the import of petroleum crude reduced by 53.48 percent and it was recorded at US$ 208.402 million during the month of June, 2016 as compared to the import of US$ 447.996 million of same month of last financial year.