ISLAMABAD, June 11: Pakistan saved $208 million on account of reduced oil import bill during the current fiscal year despite high international prices, suggests the Economic Survey 2003-04.

The total oil import bill during the first 10 months of the current fiscal year declined by 7.7 per cent to $2.48bn compared to $2.69bn during the same period last year, mainly because of a drastic 42.2 per cent fall in the quantity of petroleum products.

Lesser reliance on fuel oil-based thermal electricity owing to higher hydel electricity generation as a result of better water availability coupled with a continuing surge in POL output by local refineries and an increased gas supply to the industries and power sector helped Pakistan rely on lesser POL imports.

During the period July-March 2003-04, the production of crude oil decreased to 62,139 barrels per day from 64,905 bpd in the same period last year, showing a decline of four per cent. The overall production of crude oil also decreased to 17.1m barrels during July-March 2003-04 from 17.8m barrels during the same period last year.

Sector-wise consumption of petroleum products reveals that on average, the transport sector consumed 47.6 per cent of the petroleum products followed by the power sector (31.9pc), industry (12.2pc), households (3.9pc), other government (2.5pc), and agriculture (1.8pc) over the last 13 years - 1990-91 to 2002-03.

The production of natural gas during the July-March period was 3,173 mmcfd against 2,648 mmcfd during the same period last year.