WTI price in New York touched $147 per bbl. Average basket of Arab Gulf Crudes also crossed $140 per bbl. I don’t have access to full Pakistan import data. As a rough guess Pakistan crude imports are approximately 10-milion tons per year. In addition Pakistan imports about 4-million tons distillates and 5-milion tons of fuel oil (Furnace oil in Pakistan). During July 2007-June 2008 period average price of AG crudes was above $100-bbl. Freight to Pakistan from the AG is about $1-bbl.
On this basis bill of crude imports would be 101 x 7.35 X 10 = $ 7. 50 billion
For gas oil (diesel) 108 X 7.745 X 4 = $ 3.20 billion
For fuel oil 600 X 6 = $ 3.6 billion
Crude oil prices is quoted in barrels approx 7.35 bbls/metric ton for 34 API crude
Gas oil price is also quoted in bbls approx 7.45 bbls/MT
Fuel oil price is quote in metric tons.
Total import bill was therefore close $ 14- billion. Compare this to the same period 2003-004, crude price was $30 per bbl, fuel oil was $200 per ton and gas oil was $55 per bbl. The bill was close $4-billion.
Due to copy rights I cannot send you a copy of the Crude oil Market wire. For your info I am copying part of the crude prices form Dec 11, 2008 Market wire and Dec 2, 2008 Market Scan. Prices for Pakistan are a premium to the prices quoted therein. The premiums reflect freight costs and profit of the Seller. Don’t try to understand it completely, just look at the numbers. Some numbers are in barrels and some in tons. This is publication for the oil industry thus no explanation is required. The people for whom this meant understand it.