Oil Import Bill reached $1.28 billion, or around Rs357.05 billion, in July as higher global oil prices increased Pakistan’s import expenses.
The rise came as international oil markets faced renewed pressure from geopolitical tensions and disruptions to energy supply chains.
According to the Centre for Research on Energy and Clean Air, tensions involving Iran and disruptions in the Strait of Hormuz contributed to higher import costs.
The developments have increased concerns for major oil-importing economies. The Strait of Hormuz remains a critical route for global energy shipments, making disruptions there a major risk for importers.
Global Impact
The European Union faced the largest additional financial burden, paying around $78 billion more for oil, according to the figures cited in the report.
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China ranked second, with an additional cost of about $35 billion. India followed with an estimated $22 billion in extra payments.
Higher crude prices have also increased costs for other major oil-importing economies.
India’s Import Costs Rise
India’s crude oil import bill also increased by more than 56%.
The rise reflects the impact of higher international oil prices on major Asian economies that rely heavily on imported crude.
For Pakistan, continued volatility in global oil prices could put further pressure on import costs and the country’s external account if elevated prices persist.
