Pakistan’s energy imports saw a substantial decline in the first half of the current fiscal year, driven by reduced economic activity and government efforts to combat fuel smuggling, according to industry data.
Oil product imports fell by 24% year-on-year in the six months ending in December, with high-speed diesel (HSD) experiencing the most significant drop at 36%. In December alone, HSD imports plummeted by 77% compared to the same month the previous year, reflecting ongoing weak demand and raising concerns about the sector’s recovery.
“The import of HSD in December alone registered a bigger decline as demand remains subdued, and the situation isn’t improving,” noted an industry official.
Data revealed that HSD imports totaled 828,000 tonnes in the first half, down from 1.29 million tonnes in the same period the prior year.
Industry insiders pointed out that while government actions against Iranian smuggled diesel have boosted formal sector sales, Iranian diesel is still making its way into the country, affecting formal sector sales.
Imports of petrol, the country’s second most consumed fuel, also decreased by 5% to 2.5 million tonnes, compared to 2.6 million tonnes during the same period in the previous fiscal year.
Crude oil imports, which are refined locally, increased by 3% to 4.28 million metric tons compared to 4.17 million tonnes in the same period the previous year.
Liquefied natural gas (LNG) imports remained relatively stable during the review period, while jet fuel (JP-01) imports saw an uptick.
Pakistan heavily relies on petroleum product imports to meet local demand, as domestic production only covers about 30% of the country’s needs.
During the first five months of the fiscal year 2023-24, the import bill for petroleum products amounted to $5.72 billion, down from $8.8 billion in the same period the previous year.
Â
It’s incredible! We can really benefit from your excellent and helpful post! We really appreciate you taking the time to share with us.
MY PERSONAL EXPERIENCE ON LOST CRYPTO RECOVERY!
I read so many stories about bitcoin loss to scams. I will like to start by saying the agencies responsible for bitcoin security has really done nothing to help locate stolen or lost coins. In my situation my MacBook was hacked by someone that had access to my emails, i immediately contacted blockchain and they only wasted my time, after which i worked towards getting help else where, i was referred to consult a bitcoin expert who helped track and retrieved my 3.3 btc, for an agreed fee. I was more than grateful and willing to pay more after the job was done. Thankful i didn’t fall victim and would like to recommend ( MORRIS GRAY 830 @ G maiL . COM ),,,