ISLAMABAD, Feb 19: The country’s oil and food import bill ballooned to an all-time high of $8.904 billion in the first seven months (July-January) of the current fiscal, up by 26 per cent from $7.043 billion over the corresponding period last year owing to depreciation of the rupee making imports expensive.

Oil and food prices witnessed drastic cuts in the past few months in the international market, but Pakistan could not get the actual benefits owing to depreciation.

The oil alone dropped by more than 70 per cent to around $30 per barrel in the international market after hitting an all-time high above $147 per barrel.

Official figures compiled by the Federal Bureau of Statistics (FBS) showed that the oil import bill, both crude and products, increased by 28.9 per cent to $6.436 billion in July-January period of the current fiscal against $4.995 billion over the corresponding period of last year.

This showed that Pakistan may not be in a position to curtail the rising oil import bill, which last year had crossed $11 billion mark, exposing the country to a balance of payments problem.

An official said with the rising oil import bill, Pakistan may again approach the IMF next month for another over $4 billion loan to pile up forex reserves which rather should have been built up through export proceeds.

Analysts said more than 30 per cent depreciation of rupee from July last would increase the import bill of over-all oil group (crude oil and petroleum products) because there would be no let-up in the demand, so the quantity of the group would see no drop in the months ahead.

A similar impact was witnessed in the import bill of food items and agriculture products during the months under review.

The food import bill increased by 20.52 per cent to $2.468 billion in July-Jan period this year as against $2.048 billion over last year.

Of these, import of wheat increased by 266pc, tea 19.5pc, pulses 4.38pc and spices 2.84pc during the period under review over last year.

Analysts said Pakistan could not accrue much benefit from the steep fall in prices of edible oil, raw material and food items in the international market during the current fiscal year, ending June 2009, if rupee did not shed its value to a greater extent.

The benefit could be much more if health of the rupee remained around the last year’s value during the same period this year.

Machinery import rose to $3.993 billion during the period under review as against $3.921 billion over last year, showing an increase of 1.82 per cent. Import bill of this group was dragged due to 86.84pc increase in power generating machinery, 67pc in construction machinery, 25.5pc in electrical machinery and apparatus.

But the impact of depreciation of rupee and imposition of additional duty has been reflected in the import bill of vehicles and mobile phones.

A drastic cut of over 41.72 per cent was recorded in import of transportation group (built units and CKD/SKD) during the first seven months of the current fiscal year over last year.

A reduction of 47.7 per cent was witnessed in the telecom sector during July-January of the current fiscal year over last year.

Of these, import both mobile phones and machinery declined.