Summary Byco Petroleum Pakistan Limited will be added to MSCI by the end of November
LAHORE (Dunya News) – Government has saved more than USD 2 billion in the first four months of the Fiscal Year (FY) 2015-16 in petroleum products imports due to falling crude oil prices.
Latest statistics show that the government spent more than USD 5 billion for petroleum products in July-October period. While the government spent USD 2.9 billion in the first quarter in petroleum products import.
Experts said that lessened import bill is a help balancing international payments. If USD 45 per barrel rate maintains, the government might save upto USD 5 billion till end of the FY.
From July 2014 to April 2015, crude oil price had dropped from USD 107 per barrel to USD 60 per barrel that had saved the government at least 20 percent.
On the other hand, Byco Petroleum Pakistan Limited will be added to Frontier Markets Small Cap Index (MSCI) by the end of November. Byco will be added to the index among three companies.
