Crude oil imports drop by 10% in Pakistan

Karachi: The imports of Crude oil in Pakistan recorded a decline of 10 percent on annual basis in the first five months of the current financial year.

According to the data released by the Pakistan Bureau of Statistics, during the period from July to November 2023, foreign exchange was spent on crude oil imports of 2.053 billion dollars, which is 10% less than the same period of the previous fiscal year.

According to the data, in the same period of the last financial year, foreign exchange of 2.273 billion dollars was spent on crude oil imports. The volume of crude oil imports in November was recorded at 566 million dollars, which is 4% higher than last year's November.

In November 2022, crude oil imports cost $546 million in foreign exchange. The imports recorded a 5% month-on-month growth in November compared to October.

According to the report, the volume of crude oil imports was recorded at $540 million in October, which increased to $566 million in November.

It is pertinent to note that in the first five months of the current financial year, a decrease of 16% has been recorded in the imports of petroleum products on an annual basis.