Pakistan’s petroleum import bill surges 8 per cent YoY

WEB DESK: In August 2024, Pakistan’s petroleum import bill increased to $1.41 billion, which is 8 per cent higher than the $1.3 billion recorded in August 2023.

The imports of petroleum products alone also rose by 15.07 per cent compared to $1.22 billion in July 2024.

According to data from the State Bank of Pakistan (SBP), petroleum products made up 29.88 per cent of the total import bill in August 2024.

For the first two months of the fiscal year (2MFY25), the petroleum import bill jumped by 20.83 per cent, reaching $2.63 billion compared to $2.18 billion in the same period last year.

It’s important to note that the overall import bill grew by 11.36 per cent year-on-year (YoY) to $4.71 billion in August. However, compared to July 2024, the imports were down by 2.16 per cent, as they amounted to $4.82 billion in the previous month.

Overall, in 2MFY25, total imports increased by 13.82 per cent, rising to $9.53 billion from $8.38 billion during the same period last year.

In the transport sector, the import bill increased by 7.27 per cent to $146.95 million in August 2024, compared to $136.99 million in August 2023.

This rise is mainly due to the increased imports of road motor vehicles, which amounted to $138.51 million, up by 13.97 per cent YoY. Compared to July 2024, transport imports dropped slightly by 0.56 per cent.

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