During the first half of this fiscal, local production of Pakistan's oil import bills and petroleum products declined by about 20 percent and 12 percent respectively, which is a clear indication of economic slowdown.
According to the report, data released by the Federal Bureau of Statistics (PBS) showed that oil imports during the first 6 months (July to December 2019) decreased by 19.87 percent over the same period last year. Oil prices were higher in international markets during this time last year.
Total oil imports during the first half of this year stood at $ 6 billion 14 million, compared to $ 7.66 billion in the same period last year.
The decline in the import of crude oil and petroleum products is indicative of a decline in transport and other economic activities in the country. It also indicates lower use of local oil refineries compared to last year, which may have affected their profitability.
LPG imports, on the other hand, increased by about 34 percent to $ 14 million, but the limited reduction in petroleum products imports has not been affected by the limited quantity.
Other imports of petroleum products decreased by 69%.
It is thought that PBS data for the production is usually released with a time interval of about two months, but five months of industrial data show that 10 of the 11 petroleum products lasted in production. Compared to the same period of the year has decreased