ISLAMABAD: With total foreign exchange reserves of $4.3 billion as of 9th March 2023, Pakistan requires a total of $ 8.5 billion to meet its fuel requirements and other critical imports from March to September 2023. Of total Forex requirements, 38 per cent will be for crude oil, 19 per cent for MOGAS, 14 per cent for HSD, 27 per cent for LNG, 1 per cent for jet fuel, and 1 per cent for a plant, machinery, equipment, tools, etc.
Well-informed sources in Petroleum Division told Business Recorder that the Division had submitted financing requirements to the federal government for seven months to make appropriate arrangements in time.
According to Petroleum Division sources, during March- September 2023, the country’s requirement for crude oil will be 5,110,442 MT, MOGAs 1,800,0000 MT, HSD 1,320,000 MT, LNG 214,200 MT, and jet fuel 100,000 MT.
For March 2023, the country needs $ 1.078 billion, of which $ 366 million are required for crude oil, $ 298 million for MOGAs, $ 49 million for HSD, $ 300 million for LNG, $ 8 million for jet fuel, $ 3 million for LPG, $ 23 million for the plant, machinery, equipment tools, etc., and $ 1.3 million for others. Petroleum Division submits financing requirements to government for the seven months so that appropriate arrangements may be made in time