KARACHI: Country’s oil sales plunged by 24 per cent to 2.97 million tonnes in 2MFY23 from 3.90m tonnes due to higher petroleum prices and low movement of transport due to heavy monsoon rains.

The sales of high-speed diesel (HSD) witnessed a drop of 32pc to 0.94m tonnes from 1.39m tonnes followed by a 20pc fall in petrol sales to 1.23m tonnes from 1.55m tonnes.

Furnace oil sales fell by 22pc to 0.68m tonnes during 2MFY23 from 0.87m tonnes in 2MFY22.

According to Arif Habib Limited (AHL), the overall sale of petroleum products in August 2022 stood at 1.53m tonnes, showing a jump of 5.8pc (month-on-month) but remained 22.3pc lower (year-on-year).

Petrol sales during August were 0.64m tonnes as against 0.59m tonnes, up by 7pc (m/m). However, year-on-year sales plunged by 13pc. Diesel sales rose 12pc to 0.50m tonnes in August from 0.44m tonnes in July. However, sales remained depressed by 26pc (y/y) compared to August 2021.

Published in Dawn, September 2nd, 2022