Commodity imports bill up by $2.3 billion: oil products cost $1.915 billion more than last year

High international commodity prices had inflated Pakistan's imports during the outgoing fiscal year 2005-06 by over $2.3 billion, which included $1.915 billion for oil import alone.
The 'Economic Survey 2005-06' released here on Sunday, says that during July-March 2005-06 period, the country had to bear additional cost of $1.915 billion against the corresponding period of 2004-05 owing to higher international oil prices.
During this period the consumption of petroleum products in households, agriculture, transport and power sectors exhibited sharp decline to the extent of 35.3 percent, 47.4 percent, 8 percent and 16.8, respectively, says the Survey. This decline was mainly on account of the availability of alternative and relatively cheaper fuels in the form of natural gas, LPG, light diesel oil (LDO) and massive quantities of CNG and other forms of natural gas in transport and power sectors. However, the consumption of petroleum products increased in the industrial and other government sectors.
About the consumption of gas, the Economic Survey said it increased by 25 percent in cement industry during July-March 2005-06 while in the power sector its consumption grew by 9.9 percent, followed by fertiliser industry (8.0 percent), industrial sector (7.9 percent) commercial sector (4.8 percent) and household sector (0.7 percent).
Substantial increase in the consumption of electricity was also witnessed during this period, the 'Economic Survey' said.
It said the energy supplies during the first nine months of the current fiscal year increased by two percent to 42.45 million 'tonne-oil-equivalent' (TOE) from 41.62 million TOE during the same period of last year.
The Economic Survey showed that the balance recoverable of local crude oil was estimated to be 290.66 million barrels on January 1, 2006. The average crude oil production during July-March 2005-06 was 65,385 barrels per day as against 66,199 barrels per day of last year, showing an increase of 1.23 percent.
It said that the balance recoverable reserves of natural gas was estimated at 32.93 trillion cubic feet on January 1. The average production of natural gas during July-March 2005-06 was 3826 million cubic feet per day (mmcfd) as against 3663 mmcfd of last year, showing an increase of 4.4 percent.
During this period, oil and gas drilling activity increased by 21 percent from last fiscal. During this period total 41 wells were drilled, including 18 wells in the public sector and 23 in the private sector, against 34 of last year.
According to the 'Survey' investment of $567.288 million has so far been made in the current financial year in the upstream petroleum sector.