Pakistan's import bill rises by 29%

Pakistan’s crude oil and petroleum products import bill rose by 28.8% in July-August 2010 to US$2.036 billion, from US$1.580 billion, the State Bank of Pakistan (SBP) said. The steep surge came from higher imports of petroleum products, which reached US$1.458 billion, a 48.4% rise over the comparable period in 2009. Crude oil imports declined by 3.2% to US$578 million. Imports of petroleum products like diesel fuel and furnace oil increased following the 43-day closure of Pak-Arab Refinery Ltd. (PARCO), the country’s largest refinery on August 7, industry officials said. PARCO has already resumed production and it is hoped that imports will decrease from next month. (September 22, 2010)