Pakistan’s annual petroleum import bill has surpassed the estimate made by the International Monetary Fund (IMF) as a sharp increase in global oil prices, driven by tensions in the Middle East, raised the country’s energy import costs.
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According to official documents, Pakistan’s oil import bill reached $16.86 billion during the fiscal year 2025-26, exceeding the IMF’s previous projection by $1.58 billion. The IMF had estimated Pakistan’s oil import cost at around $15.28 billion for the same period.
The increase came as international crude oil markets experienced significant volatility due to geopolitical tensions, particularly instability in the Middle East. Rising global prices not only increased Pakistan’s foreign exchange expenditure on petroleum products but also contributed to higher fuel prices for consumers.
For the upcoming fiscal year 2026-27, the IMF has projected Pakistan’s oil import bill at $16.31 billion. However, continued uncertainty in global energy markets could affect future import costs and place additional pressure on the country’s external account.
The official data showed that Pakistan’s petroleum imports recorded an annual increase of 5.76 percent during fiscal year 2025-26. The higher import bill reflects both increased international prices and the country’s continued dependence on imported fuel to meet domestic energy demand.
The surge in oil prices has also affected consumers, with Pakistan witnessing some of the highest petrol and diesel prices in its history during the period. Higher fuel costs have raised concerns about inflationary pressures, as transportation and production expenses increase across various sectors of the economy.
Economic experts have warned that prolonged volatility in global oil markets could create additional challenges for Pakistan’s balance of payments, increase the import bill, and put pressure on foreign exchange reserves.
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The government is closely monitoring developments in international energy markets as Pakistan seeks to manage external financial pressures while ensuring a stable supply of petroleum products for domestic consumers.