Crude oil imports surge 317pc in May – Newspaper
ISLAMABAD: Crude oil imports rose a whopping 317 percent in May, leading to higher than expected production of petroleum products by local refineries and their exports out of the country.
Preliminary estimates suggest that the increase in local production of petroleum products in recent months and their exports from the country is likely to spur economic growth in the closing fiscal year (FY21).
Data compiled by the Pakistani Bureau of Statistics (PBS) showed that imports of petroleum products rose 335 percent in value and 100.6 percent in volume in May year over year. During the month, crude oil imports rose by 316.9 percent in terms of value and by over 99.93 percent in terms of volume.
The PBS data shows that local production of petroleum products grew about five percent year over year in May. The increase in crude oil imports also resulted in higher production of petroleum products by local refineries.
Likewise, imports of liquefied natural gas (LNG) rose 156 percent in May. This would have led to a relatively higher electricity production from LNG – a substitute for blast furnace oil. On the other hand, the value of liquefied petroleum gas (LPG) imports rose by 94.95 percent due to the scarcity of local production.
As a result, exports of petroleum products (excluding top naphtha) rose by 777 percent in May compared to the previous year. However, no exports of crude oil and top naphtha were recorded in May.
Posted in Dawn, July 24, 2021