Amid a slowing economy and rising prices, Pakistan sold 1.17 million tons of total petroleum products in April 2023, down more than 46% from the same month last year.
The decline in sales “is majorly attributable to higher petroleum prices, economic slowdown, an increase in smuggled petroleum products from Iran, and lower furnace oil (FO)-based power generation”, Arif Habib Limited (AHL) was quoted as saying in Business Recorder.
FO sales nosedived by 83% YoY in April 2023, amounting to 0.07 million tons.
Sale of MS (petrol) fell 24% YoY, clocking in at 0.58 million tons in April. Volume of High-Speed Diesel (HSD) plunged by 50% YoY, settling at 0.46 million in April 2023.
However, on a month-on-month basis, POL products offtake witnessed an increase of 6% during April.
Meanwhile, FO sales registered a decline of 16% MoM.
During the first ten months of FY23, sales of total petroleum products dropped by 24% YoY to 13.97 million tons compared to 18.44 million tons in the same period last year.
