Saturday May 28, 2022

Energy imports double to $17bn

May 15, 2022

KARACHI: Country’s total energy imports almost doubled to $17 billion during July-April this fiscal year against $8.697 billion in the same period of FY2021, owing to soaring world markets and local demand.

Pakistan Bureau of Statistics (PBS) data, released on Saturday, also presented a massive increase in the bulk of petroleum imports during the period under review.

The import of petroleum products ballooned 121 percent to $8.549 billion in the first ten months against $3.865 billion in the same period of last fiscal.

Crude oil imports jumped to $4.221 billion in the months under review against $2.407 billion in the same months of FY2021, a growth of 75 percent.

Liquefied natural gas (LNG) sourced from overseas swelled 82 percent to $3.705 billion against $2.202 billion in the July-April period of last fiscal.

During April, cost of energy imports shot up 94 percent to $2.223 billion over $1.143 billion in the same month last fiscal, whereas it mounted 19.44 percent against $1.861 billion recorded in March FY2022.

The import of petroleum products surged 200 percent to $1.261 billion in April against $418 million in the same month last fiscal.

Crude oil import increased 38 percent to $533 million this April against $384 million in April last. The import of LNG also went up 32 percent to $385 million in the month under review against $294 million in the same period of last year.

Energy imports escalated because of increased demand. According to oil industry data, during April, HSD high-speed diesel) sales raced to 919,442 tonnes, the highest ever, increasing 17 percent over the same period last year and surpassing the 900,101 tonnes benchmark achieved in May 2016. This is primarily owing to increased agricultural activity during the harvesting season.

Similarly, petrol sales during the month under review jumped 14 percent against April 2021 with a rise in automobile sales, while furnace oil sales increased 126 percent compared to April 2021 on account of higher demand from IPPs (Independent Power Producers).