Oil Import Bill Doubles in Pakistan

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Oil Import Bill Doubles in Pakistan Source: Xinhua News Agency Publication date: 2000-05-16

Pakistan's expenditure on petroleum imports in the first 10 months of the current fiscal year almost doubled to reach 2.17 billion U.S. dollars. According to figures released by Pakistan's Federal Bureau of Statistics Tuesday, import value of crude oil and petroleum products during July-April was 93.3 percent higher than that of the corresponding period a year ago.

Oil imports accounted for 26.1 percent of the country's total import in the first 10 months the current fiscal year, while the figure was only 15.0 percent a year ago.

The sharp expansion of import value is attributed not only to an 11.6 percent increase in volume of imported petroleum, but also to the rapidly-rallying oil prices in the international market.

Although the import of crude oil is shown to have decreased by 3.2 percent in volume, the import bill went up by 85.5 percent.

As a conventional oil importer, Pakistan relies on foreign oil to bridge the gap between its stagnant petroleum output and its increasing oil consumption.

http://cnniw.yellowbrix.com/pages/cnniw/Story.nsp?story_id=10551171&ID=cnniw&scategory=Energy%3AOil

-- Martin Thompson (mthom1927@aol.com), May 17, 2000


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