KARACHI: Pakistan imported its highest ever quantity of petrol in July this year, amounting to 484,207 tonnes breaking the previous record of 414,396 tonnes in April 2016. Total imports of petrol during 2015-16 sharply went up to 4,142,752 tonnes as compared to 3,124,661 tonnes in 2014-15. The increasing trend of petrol imports began from October 2007 and since then the volume of imports continues to rise. In 2007-08, total petrol imports were just 127,385 tonnes.
Oil Companies Advisory Council (OCAC) Chief Executive Officer Ilyas Fazil said that petrol demand went up because of higher sales of locally produced cars and motorcycles coupled with rising imports of used cars and power generators. Because of low price of petrol, a number of people preferred running their vehicles on petrol instead of compressed natural gas (CNG). Weekly CNG load-shedding can also be attributed for creating extra demand for petrol.
However, the import bill of petrol was expected to come down owing to lower price of finished products in world market on the back of falling crude oil prices. Import of power generating machines hit $1.8 billion in 2015-2016 as compared to $1.4bn in 2014-15, up by 28.6pc. Sales of locally produced cars reached 181,145 units in 2015-16 from 151,134 units in 2014-15.
Petrol sales during 2015-16 stood at 4,684,510 tonnes as compared to 4,732,381 tonnes in 2014-15. Highest ever sales of 566,274 tonnes of petrol was recorded in May 2016.
On demand situation in the current fiscal year 2016-17, Ilyas Fazil said the trend is the same as last year.
Published in Dawn, August 2nd, 2016
