Pakistan experienced a substantial 24 percent YoY decline in total petroleum sales during the month of October 2023, with experts pointing to various factors contributing to this downturn.
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Pakistan’s Petroleum Sales Plunge by 34% YoY in September 2023
Karachi, October 2, 2023 – Pakistan’s domestic sales of petroleum products experienced a significant decline, plummeting by 34 percent year on year (YoY) in September 2023, according to a report by the research team at Arif Habib Limited.
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Petroleum Sales Witness 8% Decline in August 2023
Karachi, September 2, 2023 – Pakistan’s total petroleum sales for August 2023 reached 1.41 million tons, marking an 8 percent year-on-year (YoY) decline.
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Domestic Sales of High-Speed Diesel Falls by 9% Due to Smuggling of Iranian Oil
Karachi, August 2, 2023 – Domestic sales of high-speed diesel (HSD) in Pakistan have experienced a sharp decline of 9 percent in July 2023, primarily attributed to the rampant smuggling of Iranian oil into the country, according to analysts at Topline Securities.
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Pakistan Petroleum Sales Hit 17-Year Low in FY23 Amid Economic Slowdown and Price Surge
Karachi, July 4, 2023 – Petroleum product sales in Pakistan have reached a 17-year low during the fiscal year 2022-23, according to recently released data on Tuesday. The decline in sales can be attributed to higher product prices and an overall economic slowdown, which have significantly impacted demand.
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Pakistan Oil Sales Plunge by 40% in May 2023, Market Outlook Remains Depressed
Karachi, June 2, 2023 – Pakistan’s oil sales in May 2023 witnessed a significant decline of 40% compared to the same period last year, amounting to 1.3 million tons.
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Pakistan petroleum sales decline by 47% in April 2023
Pakistan’s sales of petroleum products during April 2023 were recorded at 1.2 million tons, indicating a 47% YoY decrease and a 6% MoM increase.
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Pakistan’s March petroleum sales slump 35-month low
Pakistan’s petroleum sales have slumped 35-month low in March 2023 owing to slowdown in overall economic activity.
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Pakistan oil sales drop 14pc in Dec 2022 due to economic slowdown
KARACHI: Pakistan domestic oil sales have dropped by 14 per cent in Month on Month (MoM) in December 2022 due to overall slowdown in the economy.
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Pakistan petroleum sales plunge by 23% in 1QFY23
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).
READ MORE: Pakistan high petroleum prices massively cut oil sales in July
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.
READ MORE: Pakistan sharply reduces petroleum prices from October 01, 2022
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.
READ MORE: New petroleum prices in Pakistan effective from September 21, 2022
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.
READ MORE: New petroleum prices in Pakistan from September 01, 2022
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.