ISLAMABAD: Pakistan’s oil import bill rose to $1.28 billion, equivalent to around Rs357.05 billion, in July as higher global oil prices pushed up the country’s import expenses.
The increase in import costs was recorded amid a rise in oil prices in international markets, resulting in a significant increase in the financial burden associated with oil imports.
According to the Centre for Research on Energy and Clean Air, tensions related to Iran and disruptions in the Strait of Hormuz were major factors behind the increase. These developments affected global supply chains and contributed to higher oil import costs.
In terms of the additional financial burden, the European Union was the most affected, having to pay around $78 billion more. China ranked second with an additional payment of $35 billion, while India stood third with $22 billion.
Meanwhile, India’s crude oil import bill also recorded an increase of more than 56 percent, reflecting the impact of higher prices in the global oil market.
