Oil imports have surpassed $17 billion
To cut fuel usage, the government is considering limiting the number of working days each week in federal offices. According to Dawn.com, the government intends to save $2.7 billion every year by using this method. Pakistan’s total oil imports have surpassed $17 billion in the first 10 months of the current fiscal year (July-April), representing a staggering 96 percent increase over the same time last fiscal year.
Experts say the increase isn’t due solely to higher fuel oil prices on the international market, as the country’s imports of petroleum products and crude have increased by 24% and 1.36 percent, respectively.
Government can save $1.5 to $2.7 billion
According to the paper, the State Bank has developed three alternative scenarios in which the government can save $1.5 to $2.7 billion in annual foreign money.
Extra working day amounts to around $642 million
According to these figures, the increased petroleum product consumption for an extra working day amounts to around $642 million in terms of commuting. Freight and transportation are not included. The predicted reduction in consumption due to one fewer working day per week costs save us $2.1 billion on our import costs.
“All savings figures are based on a net reduction in oil imports, but petroleum product subsidies might be reduced by Rs. 3.5 billion per day,” according to the research.
Anticipated to be $122 million per month or $1.5 billion
The average savings on petroleum products in the first scenario. With four working days and three holidays and shops operating on weekends. Is anticipate to be $122 million per month or $1.5 billion per year. It should be emphasize. That 90% of oil usage is anticipate for working days, with the remaining 10% for monthly holidays. The savings on oil usage in the second scenario. Base on four working days, two holidays, and one day of lockdown, with retail closed for one day. Is anticipate to be $175 million per month or $2.1 billion per year.
Oil import cost may be roughly $230 million
The savings on the fuel oil import cost may be roughly $230 million. Or about $2.7 billion, in the third scenario, based on four working days, one holiday. And two days of lockdown with shops shuttered for two days. Similarly, the Power Division has encouraged the government to confine commercial activity to daylight hours, cut the number of working days per week, and initiate a national energy conservation push across all energy consumption sectors, resulting in nearly 5,000 megawatts of electricity savings.
PM Shehbaz Sharif
PM Shehbaz Sharif, on the other hand, has extended the number of working days to six. Putting a strain on the exchequer in terms of energy and oil consumption. However it emphasize that the country’s present power shortage is estimate to be between 5,000 and 7,000 megawatts. Afterward which could easily be address by reducing the number of working days each week.