Pakistan’s oil import bill reaches Rs3.5 trillion in July

Import costs rose sharply as oil prices also went up globally.

According to the Centre for Research on Energy and Clean Air, the main reasons for the increase are tensions involving Iran and disruption in the Strait of Hormuz, which affected global supply chains.

On the additional financial burden, the European Union was the worst affected, having to pay about $78 billion more. China, with $35 billion, and India, with $22 billion, ranked second and third respectively.

Meanwhile, India’s crude oil import bill also rose by more than 56 per cent, reflecting rising prices in the global market.