KARACHI: The country’s oil sales clocked in at 2.2 million tonnes in April as compared to 1.672m tonnes, up by 32 per cent year-on-year (YoY) and 21pc month-on-month (MoM) due to higher furnace oil (FO) and high speed diesel (HSD) sales. April sales were the highest since May of last year.

Overall oil sales in 10MFY22 increased by 17pc to 18.484m tonnes. FO sales in April were 461,000 tonnes, up 161pc YoY from 176,000 tonnes in April 2021.The April 2022 figure was also higher by 62pc MoM. Total furnace oil sale in 10MFY22 surged by 26pc to 3.129m tonnes.

HSD sales soared to 919,000 tonnes in April, showing a jump of 17pc YoY and 33pc MoM, while 10 months’ sales went up by 19pc to 7.307m tonnes.

Petrol sales in April recorded at 771,000 tonnes, up by 15pc YoY while MoM sales remained the same. The 10MFY22 petrol sales posted a growth of 11pc to 7.455m tonnes over the same period last fiscal.

According to Saad Ziker of Topline Securities, agriculture activity and demand from the power sector have boosted demand for diesel and furnace oil.

He said that in 10MFY22, petroleum sales remained robust due to higher transportation activity.

Published in Dawn,May 10th, 2022