KARACHI: The domestic sales of petroleum products has increased by 14 per cent to 14.44 million tons during 8MFY22 – first eight months (July – February) 2021/2022.
The total consumption during the same period of the last fiscal year was 12.67 million tons.
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Total Petroleum sales settled at 1.54 million tons in February 2022, showing an increase of 10 per cent YoY.
Analysts at Topline Securities attributed the increase to: healthy growth in auto sales leading to higher demand of petrol; higher reliance on furnace oil based power plants; better agricultural yields resulting in higher sales of high speed diesel; and improvement in economic activity.
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Hence, petrol reported a growth of 4 per cent YoY arriving at 0.65 million tons in February 2022. Similarly, High Speed Diesel (HSD) volumes witnessed an increase of 8 per cent YoY clocking-in at 0.59 million in February 2022.
Whereas, Furnace Oil (FO) sales volumes climbed up by 28 per cent YoY in February 2022, reaching 0.22 million tons.
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However, petroleum offtake shrunk by 15 per cent MoM, amid i) fewer working days in February versus January, ii) lower FO based power generation, and iii) higher MS and HSD prices compared to last year.
As a result, MS, HSD and FO volumes depicted a dip of 12 per cent, 20 per cent and 13 per cent MoM, respectively.
