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Pakistan’s Petroleum Imports Jump 25% to $1.5 Billion in March 2024

Pakistan's Petroleum Imports Jump 25% to $1.5 Billion in March 2024

In March 2024, Pakistan’s petroleum imports surged by 25 percent to reach $1.5 billion compared to $1.2 billion recorded in the corresponding month of the previous fiscal year (FY23). Data released by the Pakistan Bureau of Statistics (PBS) further revealed that March 2024 imports marked a significant increase of 21 percent from the $1.24 billion reported in February 2024.

A detailed analysis of import figures by Arif Habib Limited revealed that petroleum products accounted for $497 million of the total imports in March 2024, reflecting a modest 3 percent year-on-year (YoY) increase. Meanwhile, imports of petroleum crude saw a substantial YoY surge of 68 percent, reaching $635 million. On the other hand, imports of natural gas (liquefied) experienced a slight YoY decrease of 3 percent, amounting to $293 million, while imports of petroleum gas (liquefied) surged by 84 percent YoY, reaching $81 million.

Also Read: Petroleum Product Production Increases by 4% in First 8 Months of FY24

Over the course of the first nine months of fiscal year 2024 (9MFY24), total petroleum imports totaled $12.08 billion, representing an 8 percent decline compared to the $13.08 billion reported during the same period in FY23. Despite the month-on-month fluctuations, the overall trend suggests a notable decrease in petroleum imports during this period.

These import trends provide valuable insights into Pakistan’s energy consumption patterns and its reliance on imported petroleum products. Understanding these dynamics is crucial for policymakers and stakeholders in devising strategies to manage energy resources effectively and ensure energy security in the country.