KARACHI: Pakistan sales of petroleum products have plunged by 23 per cent in first quarter (July – September) of the current fiscal year 2022/2023, official data revealed on Monday.
The petroleum sales fell to 4.49 million tons during the first quarter of the fiscal year 2022/2023 as compared with 5.86 million tons in the same quarter of the last year, according to Oil Companies Advisor Council (OCAC).
The sales of HSD recorded 30 per cent decline to 1.46 million tons in the first quarter of the current fiscal year when compared with 2.1 million in the same quarter of the last fiscal year.
Furnace oil sales slipped by 23 to 0.98 million tons during the quarter under review as compared with 1.27 million in the same period of the last fiscal year.
Similarly, the sales of petrol fell by 21 per cent to 1.86 million tons during July – September 2022/2023 when compared with 2.35 million tons in the same period of the last fiscal year.
Whereas, the domestic sales of petroleum products plunged by 22 per cent Year on Year (YoY) basis in the month of September 2022.
The sales of petroleum products fell to 1.52 million tons in September 2022 when compared with 1.96 million tons in the corresponding month of the last year.
Analysts at Ismail Iqbal Securities attributed the sharp decline in petroleum sales to ongoing demand destruction following higher prices and overall economic slowdown.
The steep decline has been witnessed in sales of high speed diesel (HSD), which fell by 26 per cent during the period under review. The sales of HSD dropped to 0.52 million tons in September 2022 as compared with 0.71 million tons in the same month of last year.
Sales of furnace oil plummeted by 24 per cent to 0.31 million tons in the month under review as compared with 0.4 million tons in the same month of the last year.
Likewise, the sales of petrol fell by 22 per cent to 0.63 million tons in September 2022 as compared with 0.8 million tons in September last year.
According to Pakistan Bureau of Statistics (PBS) the petroleum products recorded massive jump in prices during the period.
The official data showed the prices of HSD, petrol and furnace oil recorded increase of 120.67 per cent, 96 per cent and 51.63 per cent, respectively YoY in September 2022.