Pakistan’s Oil Import Bill Rises to $1.28 Billion in July Amid Global Energy Disruptions

Islamabad:Pakistan’s oil import bill rose to $1.28 billion in July, equivalent to around Rs357.05 billion, amid higher global energy costs following disruptions linked to the Iran conflict and the Strait of Hormuz.

India’s crude oil import bill also increased by more than 56%, while fossil fuel-importing countries worldwide incurred an estimated additional cost of $330 billion, or around Rs9.25 trillion, over a six-month period.

According to the Centre for Research on Energy and Clean Air (CREA), the Iran war and disruptions in the Strait of Hormuz resulted in significantly higher costs for countries dependent on fossil fuel imports.

The European Union faced the largest additional financial burden, estimated at around $78 billion. China ranked second with additional costs of approximately $35 billion, while India ranked third with around $22 billion.

Pakistan’s oil import bill reached $1.28 billion in July as higher international energy prices and disruptions to global oil flows added pressure on the country’s import costs.

The sharp rise in India’s crude oil import bill, meanwhile, reflects the broader impact of elevated energy costs on major oil-importing economies.

The CREA estimates that the global additional cost of $330 billion highlights the wider economic impact of prolonged geopolitical tensions and disruptions to energy transportation routes.

Analysts warn that continued instability around the Strait of Hormuz could further increase energy costs and place additional pressure on countries heavily dependent on imported oil and other fossil fuels.