Karachi May 5 2024: CNERGYICO witnessed a 2.7 times surge in petroleum sales during the month of April 2024 compared to the same month last year, according to data released by OCAC.
Formerly known as BYCO Petroleum, CNERGYICO experienced a notable increase in petrol sales, rising 2.6 times to 12 thousand tons, while diesel sales surged by 5.5 times to 14 thousand tons. In first ten months of this fiscal year, which runs from July to June, company’s sales increased by 17% to 365 thousand tons.
In contrast, Pakistan’s overall petroleum sales dipped by 6% in April 2024 to 1.104 million tons, compared to 1.171 million tons in April 2023. The country’s petroleum sales for the first ten months of the year recorded a 11% decrease, totaling 13.970 million tons.
“Elevated retail prices of petrol & Diesel, increased inflow of Iranian fuel and economic slowdown were the primary reason behind decline in petroleum sales” writes Zeeshan Azhar Analyst At Foundation Securities in its research report.
Country’s Petrol and Furnace oil sales during April 2024 decreased by 9% and 58% while HSD sales increased by 2%.
