KARACHI - Countrys oil import bill for the first three months (July-September) of current financial year, 2009-10, substantially declined by 43.34 per cent. Total oil imports, including crude and petroleum products amounted to $2.19 billion during July-September FY10 against $3.86 billion in the same period of last year. Nevertheless, petroleum group and coal exports had slashed by 33.83 per cent to $21.6 million in July-September 2009-10 against $327.4 million of past year. Showing similar trend, the imports of petroleum products stood at $1.45 billion as against $1.97 billion during July-September FY10 thereby this group witnessed a decline of 26.24 per cent YoY in growth during the period under review. The Federal Board of Statistics reported on Wednesday that the imports of petroleum crude totalled $735.4 million in the course of July-September 2009-10, depicting 61.14 percent major fall in growth as compared to $1.89 billion of previous year. In the single month of September 2009, petroleum group imports down by 47.80 per cent on month-on-month basis while the entire imports in this broad category up by 30.28 per cent, and petroleum crude were squeezed by 65.37 per cent over the month of September 2008. Pakistan spent $686.2 million in September this year as against $1.314 billion of the corresponding month of FY08. In August 2009, petroleum group imports reached $734.6 million. The imports of petroleum and crude products include transportation fuels, fuel oils for heating and electricity generation, asphalt and road oil, and the feedstock used to make chemicals, plastics, and synthetic materials amounted to $458.8 million from $658.1 million and $227.3 million from $658.1m in September FY08. Economists has warned that the countrys oil imports bill may experience an upward trend in the days to come on account of witnessing a fresh spell of upsurge in the prices of oil and other related commodities in international market, which would not be a positive sign for the current account position. It is important to note that on Wednesday oil prices hit record high and reached $80.5 a barrel, which is the highest point since October 14, 2008- as a week US currency increased demand for crude oil. Meanwhile, energy sectors analysts expect the consumption of petroleum products is likely to bolster during upcoming days in the backdrop of growing energy demands. The jump in demand would come from 1) recently approved 2250MW Furnace Oil (FO) based rental power plants 2) upcoming IPPs of 3500MW capacity and 3) existing dual-fuel (gas+oil) thermal power plants. They also project oil contribution in overall electricity generation to reach 48 per cent during next 2 years.