Islamabad: Pakistan’s oil import bill rose to $1.28 billion in July, equivalent to approximately Rs357.05 billion, as higher global energy costs continued to increase the financial burden on fossil fuel-importing economies.
India’s crude oil import bill increased by more than 56%, while the estimated additional cost faced by economies globally reached around $330 billion.
In Pakistani currency, the estimated additional global cost amounts to approximately Rs9.205 trillion.
According to the Centre for Research on Energy and Clean Air, fossil fuel-importing countries faced an estimated $330 billion in additional costs over six months following the Iran war and disruptions in the Strait of Hormuz.
The European Union faced the largest additional financial burden, estimated at approximately $78 billion.
China ranked second with an estimated additional cost of $35 billion, followed by India at $22 billion.
The disruption in global energy markets has also contributed to higher import costs for oil-dependent economies, including Pakistan, increasing pressure on their trade and financial positions.
