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Karachi: Keeping in view the ever rising international crude oil prices and increasing dependence on imported fuel, the country’s oil import bill has surpassed the level of USD 11 bn in the 9MFY12 against USD 8.088 bn in the same period last year, depicting a rise of USD 3.072 bn (38%YoY).
According to Alfalah Securities Limited, a phenomenal increase in the oil import bill, on account of soaring international crude oil prices, has caused the country to suffer on the external front where its current account and trade deficit has surged to USD 3.089 bn and USD 33.28 bn respectively in 9MFY12.
On monthly basis, the average oil import bill has mounted by 37%YoY to USD 1.23 bn during 9MFY12 against USD 0.898 mn in the corresponding period while when examined on the basis of quantity; oil imports have witnessed an upsurge of 5%YoY to 14.34 mn tons from 13.66 mn tons during 9MFY11. Alfalah Securities Limited expects the oil import bill would continue to follow a rising trend as the international crude oil prices are likely to stay firm owing to US imposed sanction on Iran.