AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, June 21, 2012 (PPI-OT): Keeping in view the high international crude oil prices during the current fiscal year, steep devaluation of Pak Rupee against US Dollar and economy’s dependence on imported fuel, the country’s oil import bill has surged to USD 13.94 bn in the 11MFY12 against USD 10.46 bn in the same period last year, depicting a rise of USD 3.48 bn (33.26%YoY).
According to Alfalah Securities Limited, a phenomenal increase in the oil import bill on account of soaring international crude oil prices during the period coupled with steep devaluation of PkR has caused the country to suffer on the external front where its current account and trade deficit has surged to USD 3.77 bn and USD 19.43 bn respectively in 11MFY12.
On monthly basis, however, the oil import bill has dropped by 20.34%YoY and 6.29%MoM to USD 1.354 bn during May 2012 against USD 1.7 mn in May 2011 and USD 1.445 bn in April 2012 while when examined on the basis of quantity; oil imports have dropped 23.27%YoY and 1.58%MoM to 1.636 mn tons in May 2012 from 2.166 mn tons in May 2011 and 1.663 mn tons in April 2011. Alfalah Securities Limited expects the oil import bill would ease off going forward owing to the international crude oil prices currently on the lower side.