ISLAMABAD: Imports of crude oil increased by a whopping 317 per cent in May which translated into higher than expected production of petroleum products by local refineries and its exports from the country.

Preliminary estimates suggest that the increase in local production of petroleum products in the past few months and its exports from the country is likely to boost economic growth number in the outgoing fiscal year (FY21).

Data compiled by the Pakistan Bureau of Statistics (PBS) showed petroleum products imports increased by 335pc in value and 100.6pc in quantity in May from a year ago. Imports of crude oil increased 316.9pc in value and over 99.93pc in quantity during the month.

The PBS data show that the local production of petroleum products posts approximately five per cent growth during May from a year ago. The increase in imports of crude oil also translated into higher production of petroleum products by local refineries.

Similarly, liquefied natural gas (LNG) imports up by 156pc in May. This would have translated into relatively higher power production through LNG — a replacement for furnace oil. On the other hand, liquefied petroleum gas (LPG) imports jumped 94.95pc in value owing to shortage in local production.

Consequently, exports of petroleum products (excluding top naphtha) were up by 777pc on a year-on-year basis in May. However, no export of petroleum crude and top naphtha was recorded in May.

Published in Dawn, July 24th, 2021