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Pak crude import bill surges to $4.6b
ISLAMABAD — Pakistan government has revised upward its oil import bill from around $3.5 billion to $4.66 billion in the budget for 2004-05 because of higher international oil prices.
According to a senior official, this oil import bill would rise to $5.5 billion next year owing to about 15 per cent further increase in the international oil prices from the current hike despite constant consumption.
Next year's crude oil import bill would amount to $2.9 billion followed by $2.08 billion for diesel and furnace oil.
He said the next year's foreign exchange estimates have been finalised on the basis of these oil import costs. Petroleum sector would be the single largest sector eating up major part of foreign exchange reserves during this year and next year, he said.
He said these estimates were part of the next year's budget under which suggest the balance of payment position would continue to deteriorate for the second consecutive year and increase trade deficit. The increase in the petroleum imports would be on two fronts — increase in the consumption of High Speed Diesel and Furnace Oil and rise in the international oil prices.
The prices of diesel and fuel oil for the remaining period of the current financial year May-June 2005 and July 2005 to June 2005 for these estimates are based on actual average prices of July 2004 to April 2005. The diesel and furnace oil prices for the next year budget are estimated at $375 per ton and $200 per ton respectively.
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