Pakistan's oil import bill increases by 95%

ISLAMABAD: The country has imported oil worth $17.03 billion during the first 10 months of the current fiscal year 2021-22 — from July to April — to meet its energy needs.

The oil import bill witnessed an almost 95% increase compared to the same period last year, according to the Economic Survey 2021-22 unveiled by Finance Minister Miftah Ismail on Thursday.

“The latest available data indicates that the import bill of oil has increased to $17.03 billion during July-April FY 2022 compared to $8.69 billion during the same period last year, showing an increase of 95%,” the survey said.

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The document said the crude oil imports rose by 75.34% in value and 1.4% in quantity.

Similarly, Liquefied Natural Gas (LNG) witnessed an increase of 82.90% in value while LNG imports jumped by 39.86% in quantity during the period under review.

From July-February of the fiscal year 2021-22, around 75.64% of gas was domestically produced while 24.36% of gas was imported.

Currently, the overall electricity generation from coal has reached 5,280 megawatts, the document said, adding that the Thar coal power plants were contributing to the generation of 1,320 MW of power.

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“Imported coal’s contribution to electricity generation is 3,960 MW which is around 75 percent of the total electricity generation from coal in the country," it added.

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