Pakistan has observed a substantial 16% decrease in the sale of petroleum products during the initial five months of the current financial year (2023-24) compared to the corresponding period last year, as reported by the Oil Companies Advisory Council (OCAC) and Topline Securities.
Data reveals a notable dip in petroleum product sales, amounting to 5.41 million metric tonnes between July and November 2023. This contrasts sharply with the 6.40 million metric tonnes sold during the same period in the previous fiscal year.
Breaking down the figures further, November 2023 saw the sale of 1.37 million metric tonnes, marking an 11% decrease compared to November 2022, which recorded sales of 1.54 million metric tonnes.
The statistics outline the distribution of petroleum products in the first five months of the ongoing financial year, including 4.820 million tonnes of furnace oil, 26.460 million tonnes of high-speed diesel, 29.970 million tonnes of petrol, and 3.240 million tonnes of other petroleum products.
The context behind this decline is multifaceted, with previous fluctuations in petroleum prices serving as a pivotal factor. Notably, Pakistan experienced historic petroleum price surges during the previous fiscal year, witnessing petrol prices soaring to Rs 300 for the first time in the nation’s history.
