Petroleum imports dip 21.79 percent in five months of FY20

The petroleum group imports into the country dipped by 21.79 percent during the first five months of the current fiscal year against the same period of last year.

The petroleum imports during July-November (2019-20) were recorded at $5110.644 million against the imports of $6534.813 million of same period of last year, showing negative growth of 21.79 percent, according to the latest data of Pakistan Bureau of Statistics (PBS).

During the period under review, the imports of petroleum products decreased from $2,925.379 million to $2,174.717 million, showing decline of 25.66 percent.

The imports of petroleum crude also declined by 28.01 percent, from $2065.309 million to $1486.750 million during the current fiscal year, while the imports of Liquefied Natural Gas (LNG) decreased by 8.43 percent, from $1457.120 million to $1334.217 million.

The only petroleum group product that witnessed increase in imports was Liquefied Petroleum Gas (LPG) that surged from $86.796 million last year to $114.904 million, showing increase of 32.38 percent.

Meanwhile, the imports of all other petroleum group decreased by 73.21 percent that went down from $0.209 million to $0.056 million.

On year-on year basis, the imports of petroleum group decreased by 31.48 percent during November 2019 as compared to the imports of the same month of the last year. The petroleum group imports during November 2019 were recorded at $930.4 million against the imports of $1357.802 million in November 2018. On month-on-month basis, the imports of petroleum group decreased by 7.93 percent during November 2019, as compared to the imports of $1010.542 million during October 2019, the data revealed.