Finance

Pakistan oil and gas Sales Increased by 26Pc

Karachi, March 02, 2021: Total Petroleum and Lubricant sales clocked-in at 1.40 million tons in Feb’21, depicting a double digit growth of 26 percent YoY while down by 8 percent MoM due to fewer working days in February compared to January.

The growth in sales volumes is primarily attributable to i) resilience displayed by the economy and the ensuing demand for MS, ii) better agricultural yields resulting in higher sales of HSD, iii) cheaper MS and HSD prices compared to SPLY, iv) massive growth in two/three/four-wheeler offtake, v) absence of CNG at fuel stations increasing the demand of MS, and vi) strict control on borders to control supply of illegal or dumped fuel from Iran.

During 8MFY21, sales of total petroleum products increased by 13 percent YoY to 12.67 million tons vs. 11.24 million tons in 8MFY20.

Dissection of data revealed that major contribution to growth came from HSD and FO as their offtake jumped to 4.84 million tons and 2.09 million tons, up by 15 percent and 36 percent YoY against 4.21 million tons and 1.54 million tons in SPLY.

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