Rising crude oil imports boost exports

Crude oil imports increased by 17.81 per cent in the first five months of FY25, which prompted local refineries to produce more petroleum products than anticipated and boost exports. Preliminary estimates suggest that the increase in local production of petroleum products and their exports in the past few months will likely boost economic growth in the current fiscal year. Data compiled by the Pakistan Bureau of Statistics (PBS) showed that petroleum crude imports increased by 5.44pc in value and 17.81pc in quantity in the July-November FY25 from a year ago. In quantity, the crude import reached 3.974 million tonnes from 3.373m tonnes in the same period last year.