Oil import bill swells 39pc in Nov

KARACHI: Country’s oil import bill again rose 39.3 per cent YoY to $979 million during the month of November as compared to $703 million in the month of November last year, mainly because of high demand of petroleum products due to high consumption of furnace oil for power generation to meet shortfall of electricity.

According to the sector-wise trade data, in petroleum sector, the import of both crude and manufactured products went up significantly. Imports of manufactured petroleum product went rose 49.3 per cent to $578 million against $387 million witnessed in identical period last year. Similarly, crude oil import hiked 27 per cent to $401 million versus $315 million in November 09. In food group, import bill ballooned 96.1 per cent in November 2010 in which sugar import registered a hike of 734 per cent. Likewise, pulses import increased by 142.7 per cent and palm oil import bill registered surge of 58.1 per cent over the corresponding period of last year.

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