Islamabad (Commerce Desk) — Pakistan’s expenditure on oil imports increased to $1.28 billion, or approximately Rs357 billion, in July, further increasing pressure on the country’s import bill.
Import costs also increased significantly due to rising oil prices in the global market. According to reports, fossil fuel-importing countries faced an additional financial burden of approximately $330 billion in total over the past six months.
According to the Centre for Research on Energy and Clean Air, the main reasons for this increase include tensions related to Iran and disruptions in the Strait of Hormuz, which affected oil shipments globally.
In terms of additional costs, the European Union was the most affected, having to pay approximately $78 billion more. China ranked second with $35 billion, while India ranked third with an additional burden of $22 billion.
Meanwhile, expenditure on India’s crude oil imports has also increased by more than 56 percent, reflecting the clear impact of rising oil prices in the global market.