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ISLAMABAD: In the wake of a controversy involving the center and provinces on the issuance of licenses following the 18th amendment, and on account of lingering circular debt, Pakistan’s exports of petroleum products were slashed by 97 percent in the first four months of the current fiscal year as compared to the same period last year.
The exports of POL products touched their lowest ebb and stood at $10 million between July and October against $445 million in the same period of the previous fiscal year.
“The PPP-led regime has failed to get maximum benefits on account of terms of trade as it has been unable to boost exports in areas such as POL products and rice, among others,” said an official on Tuesday. “On the other hand, in areas of major imports, the reduced prices of items such as palm oil and petroleum products helped avoid ballooning of the import bill.” The center and provinces are not fully clear about issuance of licenses to the petroleum sector and that is creating hindrances in the way of boosting POL exports. Further, circular debt has choked the sector’s capacity for new investments.
In the first four months of last financial year, total exports fetched $8 billion of which $445 million belonged to POL products – indicating a share of 7.8 percent while in the current fiscal year, the share of POL products nosedived to 0.1 percent in the first four months.
With regard to imports, the bill of POL products stood at $5.267 billion in the first four months of the current fiscal year compared to $5.014 billion in the same period of the last financial year. The average price on a per barrel basis was approximately $104 in the international market in the first four months compared to $108 per barrel registered in the same period of the last financial year.
The import bill of palm oil fell to $693 million in the first four months of the current fiscal year compared to $825 million in the same period of the last financial year, registering a decline of 16 percent.
The prices of palm oil in the international market fell by 10.7 percent in the first four months of FY 13 while the quantity of palm oil fell by six percent during this period.
The power generating machinery went up by 23 percent in the first four months as it stood at $267 million between July and October FY12 while it increased to $329 million during the same period in FY13.
The exports of POL products touched their lowest ebb and stood at $10 million between July and October against $445 million in the same period of the previous fiscal year.
“The PPP-led regime has failed to get maximum benefits on account of terms of trade as it has been unable to boost exports in areas such as POL products and rice, among others,” said an official on Tuesday. “On the other hand, in areas of major imports, the reduced prices of items such as palm oil and petroleum products helped avoid ballooning of the import bill.” The center and provinces are not fully clear about issuance of licenses to the petroleum sector and that is creating hindrances in the way of boosting POL exports. Further, circular debt has choked the sector’s capacity for new investments.
In the first four months of last financial year, total exports fetched $8 billion of which $445 million belonged to POL products – indicating a share of 7.8 percent while in the current fiscal year, the share of POL products nosedived to 0.1 percent in the first four months.
With regard to imports, the bill of POL products stood at $5.267 billion in the first four months of the current fiscal year compared to $5.014 billion in the same period of the last financial year. The average price on a per barrel basis was approximately $104 in the international market in the first four months compared to $108 per barrel registered in the same period of the last financial year.
The import bill of palm oil fell to $693 million in the first four months of the current fiscal year compared to $825 million in the same period of the last financial year, registering a decline of 16 percent.
The prices of palm oil in the international market fell by 10.7 percent in the first four months of FY 13 while the quantity of palm oil fell by six percent during this period.
The power generating machinery went up by 23 percent in the first four months as it stood at $267 million between July and October FY12 while it increased to $329 million during the same period in FY13.
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