By ISHFAQ A MUGHAL
ISLAMABAD, The worst flood, which damaged one fifth part of the country, also impact on the oil import bill as it depicted 16 percent reduction in August as against the month of July 2010.
The worst flood of the history hit the country from last week of the month of July 2010 , which continued more than one month. During the period it hit not only every eighth countrymen but also hit badly to the national economy in terms of infrastructure, crops, houses, markets and properties.
The high officials believed due to devastation of roads, railway lines and closure of some power generation plants, the oil demand will reduce more than 20 to 30 percent during post flood era.
ISLAMABAD, The worst flood, which damaged one fifth part of the country, also impact on the oil import bill as it depicted 16 percent reduction in August as against the month of July 2010.
The worst flood of the history hit the country from last week of the month of July 2010 , which continued more than one month. During the period it hit not only every eighth countrymen but also hit badly to the national economy in terms of infrastructure, crops, houses, markets and properties.
The high officials believed due to devastation of roads, railway lines and closure of some power generation plants, the oil demand will reduce more than 20 to 30 percent during post flood era.
According to the provisional figures released by the Federal Bureau of Statistics (FBS), during the month of August, which was witness of the flood devastation, the country’s import bill decreased by 16 percent as against last month of July as it was reduced to $ 857.395 million from $1.025 billion July 2010.
The break up of the import bill in August was, the imports of the petroleum products were recorded to $ 541.1 million from $392 million, showing increased 38 percent increased as against the last month (July). The imports of the petroleum crude decreased to $316.2 million from $633.416 million, depicting 50 percent shrike as compare to the last corresponding month of the current fiscal year, said the figures of the FBS.
The FBS said the oil import bill grew by 25 percent during first two months (July-August) of the current fiscal year 2010-11 as it was recorded $ 1.88 billion increase as compared to $1.50 billion during the same period of the last fiscal year.
The country’s import bill of the petroleum products reached $933.133 million in the two months of the current fiscal year, showing a six percent decreased as against the same period of the last fiscal year.
The FBS stated in its provisional figures that the import bill of the petroleum crude reached $949.687 million during the two months of the current fiscal year, indicting 86 % climb as against the same period of the last fiscal year.
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