Pakistan’s Crude Oil Imports Surged Over 27% in FY21: OGRA Report

The import of crude oil and finished petroleum products by Pakistan has increased by 27.82 percent and 23.70 percent respectively during 2020-21.

The consumption of petroleum products has increased by 12.95 percent reaching 19.92 million tons in 2020-21 as compared to the previous year’s consumption of 17.63 million tons, said OGRA’s State of the Regulated Industry Report 2020-21.

According to the report the consumption of petroleum products in the power sector has witnessed a huge surge of 41.70 percent to 2.16 million tons during FY 2020-21 as compared to 1.53 million tons during FY 2019-20, followed by the transport sector where consumption increased by 13.12 percent, from 13.99 million tons in FY 2019-20 to 15.83 million tons in FY 2020-21, Agriculture by 12.59 percent and Industry 6.56 percent as compared to last year.

Consumption of POL products in domestic, export and government sectors declined by 82.37 percent, 37.73 percent, and 30.09 percent respectively during 2020-21 as compared to last year.

Product-wise analysis reveals that consumption of FO increased by 23.27 percent, HSD by 17.02 percent, and MS (including HOBC) by 12.69 percent in FY 2020-21 as compared to FY 2019-20. Whereas the consumption of Aviation Fuel, LDO, and Kerosene declined by 48.10 percent, 22.89 percent, and 16.82 percent respectively during the same period.

Regarding the import of petroleum products, the report said that the import of crude oil has increased by 27.82 percent and reached 8.66 million tons in 2020-21 from 6.77 million tons reported in FY 2019-20.

The import of finished petroleum products has increased by 23.70 percent to 10.02 million tons during 2020-21 from 8.10 million tons in 2019-20. However, the import of Aviation Fuel declined by 72 percent from 0.17 to 0.05 million tons during the same period.