KARACHI: Pakistan’s oil sales rose four per cent year-on-year to 2.1 million tonnes in March while that of high-speed diesel and petrol increased by 3pc and 4pc, respectively, as demand slowed due to a rise in prices.

Diesel and petrol prices rose 15pc and 16pc year-on-year, respectively. Furnace oil sales remained flat at 748,000 tonnes in March.

In the nine months through March, oil sales jumped 13pc year-on-year to 19.1m tonnes mainly on the back of 18pc surge in petrol sales. Diesel and furnace oil sales were up 14pc and 10pc, respectively, during the same period.

Umair Naseer of Topline Securities said Attock Petroleum and Hascol Petroleum outperformed the market with year-on-year growth of 54pc and 49pc. Pakistan State Oil and Shell underperformed as sales were down 6pc and 8pc, respectively.

Ayesha Fayyaz of Shajar Capital said Pakistan had a lot of room to improve its motorisation rate which is 16 vehicles per 1,000 people at present, way below India (22) and Afghanistan (49).

She said the volume of auto loans has been increasing due to 42-year-low interest rate of 5.75pc and anticipated rise in fuel demand on the back of China-Pakistan Economic Corridor.

Published in Dawn, April 6th, 2017