Pakistan oil imports fell in July and August

By an OGJ correspondent

KARACHI, Sept. 16 -- Pakistan oil imports fell by 7.6% in July and August compared with the same period last year, and officials attributed the drop to industrial users' fuel switching from oil to natural gas and coal.

Imports of crude oil and refined products fell to $467 million in July and August from $505 million for the same months the previous year, according to the Pakistan Federal Bureau of Statistics statement.

Pakistan electricity producers and heavy industrial users switched from oil to coal and natural gas to save costs, said Mohammad Sohail, head of research at M/S Invest Capital Securities.

The import bill for refined products fell by 25.48% to $196 million as compared with $262 million for the same period last year. Sohail said the rise in petroleum crude imports indicated Pakistani refineries are trying to reduce the import volumes of refined products.

Crude oil imports rose by 11.74% to $271 million in the last two months compared with $242 million in the corresponding period last year.

In terms of quantity, about 1.320 million tonnes of crude oil was imported, up from 1.272 million tonnes of the corresponding period a year earlier, he added.

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