Price hike of the petroleum prices has resulted in decrease in the use of POL products

ISLAMABAD, Jan 19 (SABAH): The price hike of the petroleum prices has resulted in decrease in the use of POL products and resultantly, the oil import bill of the country has declined from $ 9.285 billion to $8.005 billion, showing e decline of 13.78 percent during the first half July-December period of this fiscal year 2023-24. 

Similarly, the import bill of the agriculture and food of the country also witnessed a decline from $4.91 billion to $3.91 billion indicating a decline of 19.48 percent during the first half July December period of this fiscal year 2023-24. According to the official data of Pakistan Statistics Bureau released here on Friday, Pakistan has imported POL products worth $3.193 billion during this first half compared with the import of POL products worth $4.202 in the same period of last fiscal showing a decline of 24 percent.

The import of petroleum crude oil amounted to $2.611 billion during this first half compared with $2.77 billion during the same period of last fiscal year, indicating a decline of 5.94 percent. The import of liquefied natural gas amounted to $1.852 billion during this first half compared with $1.942 billion the same period of last fiscal year, protecting a decline of 4.96 percent.

The import of petroleum gas liquefied stood at $357.2 billion in this first half as compared with $347.8 million in the same period of last fiscal year, showing a decrease of 2.69 percent. Similarly, the import of palm oil amounted to $1.388 billion in this first half, compared with $2.082 billion in the same period of last fiscal year, showing a decrease of 33.34 percent.

The import of soyabean oil amounted to $91.14 million in this first half compared with $155 million in the same period of last fiscal year indicating a decline of 41.20 percent. Import of wheat amounted to $397.1 billion as compared with $609.4 billion in the same period of last fiscal year, indicating a decrease of 34.84 percent. Tea imports amounted to $336.4 million in this first half compared with $318.7 billion in the same period of last fiscal year, showing an increase of 5.53 percent. 

Pulses import amounted $455.83 million in this first half compared with import of pulses worth $533.3 million in the same period of last fiscal year, indicating a decline of 14.45 percent. The import of dry fruit amounted to $38.4 million in this first half compared with $21.65 in the same period last fiscal year showing w decrease of 77.38 percent.

Import of milk, cream and milk food of infants amounted to $60.29 million as compared to $81.4 million in the same period of last fiscal year, indicating a decrease of 25.93 percent. The import of all other agri products amounted to $1.108 billion in this first half as compared with $1.031 billion in the same period of last fiscal year indicating an increase of 7.45 percent.