Karachi December 1 2022: Pakistan sales of petroleum products decreased by 11.5 percent to 1.55 million tons during November 2022 when compared with the sales of the same month last year due to substantial increase in prices and floods.
The petroleum sales during the month of November decline by 6.9 percent when compared with sales of previous month.
Motor Gasoline (petrol) prices increased by 56 percent year on year to PKR 225.78 per liter compared to price of PKR 114.7 per liter a year ago. Following the same path prices of Hi-Speed Diesel witnessed jump of 67 percent year on year to PKR 236.31 per liter when compared with PKR 141.50 per liter a year earlier.
Pakistan economic activity measured by Large Scale Manufacturing Sector Index has shown a decline of 0.4% during July-September 2022-23 when compared with the same period of last year as State Bank of Pakistan increased interest rates to a high of 23 years and unprecedented floods.
The country has received nearly 190% more rain than the 30-year average in the quarter through August this year, totaling 390.7 millimeters (15.38 inches). Sindh province, with a population of 50 million, was hardest hit, getting 466% more rain than the 30-year average.
Sales of Motor Spirit (MS) during November 2022 decreased by 3 percent year-on-year to 0.67 million tons compared to 0.70 million tons during November 2021.
During 5MFY23, the MS sales have been witnessed at 3.21 million tons compared to 3.81 million tons during the same period last year. Sales of MS decreased by 16 percent during 5MFY23. The decline in sales is witnessed due to lower demand on the back of higher prices compared to last year and reduction in mobility due to higher monsoon rains.
The same trend has been witnessed in the sale of High-Speed Diesel (HSD), which declined by 18 percent year on year during November 2022 to 0.67 million tons. The reason for decline in HSD sales was lower logistic movement and less usage in Agriculture tubewells.
During 5MFY23, the HSD sales witnessed at 2.84 million tons compared to 3.74 million tons during the same period last year. Sales of HSD decreased by 24 percent during 5MFY22.
Sales of Furnace oil (FO) were also down by 22 percent year on year during November 2022 to 0.14 million tons. The decline in sales is witnessed due to lower demand from power producers on higher cost of generation.
During 5MFY22, the FO sales witnessed at 1.32 million tons compared to 1.78 million tons during the same period last year. Sales of FO decreased by 26 percent during 5MFY23.
