Islamabad August 21 2022: Refineries throughout witnessed a decrease of 9.2 percent during the month of June 2022 as compared to the corresponding month of last year (June 2021), OCAC reported.
Due to decline in production during June 2022, the overall throughput of Refineries during fiscal year 2022, which runs from July-June, witnessed a slight increase of 0.7 percent as compared fiscal year 2021.
During the year, Refiners worldwide struggled to meet global demand for diesel and gasoline, exacerbating high prices and aggravating shortages from big consumers like the United States and Brazil to smaller countries like war-ravaged Ukraine and Sri Lanka.
According to Moody’s Investor Services, a strong demand and tight supply have supported refining margins that touched record $30.49 a barrel in June 2022 over Dubai crude.
Moreover, production of high margin product Jet Fuel Oil increased while other high margin products HSD and Motor Spirit production decreased during the month of June 2022.
Production of High Speed Diesel declined by 9.4 percent in June 2022 with production of 3.19 million barrels when compared to production of 3.51 million barrels in the same month last year. However, the production of Jet fuel increased by 48.7 percent in the month of June 2022 when compared to June 2021.
Motor Spirit production declined by 2.9 percent in June 2022 with production of 1.91 million barrels when compared to production of 1.96 million barrels in the same month last year.
Likewise, the production of Furnace oil decreased by 8.6 percent, lubricating oil by 30.2 percent and Kerosene Oil by 37.1 percent. Likewise, the production of diesel oil declined by 12.8 percent, Solvent Naptha by 55.8 percent and LPG by 4.8 percent.
The petroleum products that contributed in positive growth in production other than jet fuel is Jute Batching Oil.
During the fiscal year, the production of jet fuel went up by 33.2 percent, kerosene oil by 2.2 percent, lubricating oil by 8.7 percent, jute batching oil by 8.4 percent, and LPG by 2.3 percent.
The variants that witnessed negative growth in production during fiscal year 2022 included, Motor Spirit, output of which declined by 0.9 percent, Diesel oil output of which declined by 5.5 percent and the output of Furnace oil declined by 5.5 percent.
The production of HSD remained unchanged during the year at 35 million barrels.
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