Pakistan’s Oil Import Bill Surges to Rs 3.57 Trillion in July
ISLAMABAD: This month of July, the import bill for petroleum products has risen to $1.28 billion (around Rs 3.57 trillion) due to the huge escalation in the price of energy commodities worldwide.
Data shows that world import spending surged as world fuel prices rose, according to data reports.The biggest driver of this increase has been the conflict between Iran and the disruptions in the Strait of Hormuz, which has had a significant impact on the global supply chains, according to the Centre for Research on Energy and Clean Air (CREA).
As far as the extra costs that were incurred worldwide, the EU was the worst hit with about $78 billion in additional costs, followed by China ($35 billion) and India ($22 billion).
On the other hand, India also saw an increase of more than 56 per cent in its crude oil import bill, which was indicative of the steep rise in crude oil prices in international markets.