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Baaz Petroleum imports over US$8 billion in 10 months of fiscal year 07-08
According to the “Business Chronicle†of Pakistan, the import value of oil in the first 10 months (July to April) of the 07-08 fiscal year was US$8.7 billion, an increase of 47.04% over the same period of the previous fiscal year of US$5.99 billion. In the first fiscal year of last year, Pakistan’s oil imports amounted to only 7.339 billion U.S. dollars. In the current 10 months, the amount of oil imports has exceeded 1.34 billion U.S. dollars in the previous fiscal year, and it may exceed 10 billion U.S. dollars by the end of this year. Due to the rise in international oil prices, Pakistan’s oil imports have continued to rise, making the Pakistani government’s foreign exchange reserves reduce by US$4 billion in the current fiscal year. The sharp decline in foreign exchange reserves led to the devaluation of the Barbados against the U.S. dollar. The current U.S. dollar has depreciated from Rs 61 to INR 69.9 several months ago.