Petroleum sales in Pakistan fell by 19 percent in the first seven months of the current fiscal year, due to a sluggish economy and reduced demand for the product.
PSO, Shell and Attock face sharp decline in petroleum sales in Pakistan
Sales of petroleum products in January 2023 fell by nearly 20 percent compared to January of the previous fiscal year, totaling 1.44 million tons against 1.80 million tons.
However, month-on-month, sales of these products increased by 8 percent compared to December 2022.
The data showed that 10.47 million tonnes of petroleum products were sold during 7M FY23, compared to 12.91 million tonnes in the same period last year.
Petrol sales declined by 15% to 4.48 million tonnes in the corresponding period, as against 5.26 million tonnes in the same period last fiscal. High Speed Diesel (HSD) sales also declined by 23%, totaling 3.95 million tonnes as against 5.10 million tonnes in the same period in FY22.
Compared to January 2022, PSO sales have decreased by 18% in January 2023. While the sales of Shell Pakistan (SHEL) have decreased by 15% and the sales of Attock Petroleum by 13%.
According to the data, sales of petroleum products by major oil marketing companies like PSO, APL, and Shell declined by 17 percent, 20 percent, and 21 percent respectively in the first seven months of the current fiscal year, compared to the previous year. Compared to the same period of the year.
This news has come to light when Pakistan faced another drop in petroleum sales during December last year. During the period, there was a 14% month-on-month decline to around 1.34 million tonnes, mainly due to a sluggish seasonal trend.
Furnace oil sales declined by 27% to 1.59 million tonnes during the period, as against 2.16 million tonnes in the same period last fiscal.
Low demand for furnace oil also led to an overall slowdown in the economy.
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