Pakistan News

Oil sales jump 57pc in April

Oil sales jump 57pc in April

KARACHI: The country’s oil sales swelled by 57 per cent to 1.67 million tonnes in April from 1.07m tonnes in April 2020.

On a month-over-month basis, oil sales jumped 13pc from 1.49m tonnes in March.

During 10MFY21, total oil sales rose by 19pc to 15.83m tonnes from 13.34m tonnes during the same period last year.

According to Arif Habib Ltd, petrol sales during April were 54pc higher to 0.67m tonnes from 0.44m tonnes in April 2020 but sales fell 2pc from 0.69m tonnes in March.

Overall petrol sales in 10MFY21 rose by 12pc to 6.73m tonnes from 5.99m tonnes in the same period last year.

A 44pc jump was witnessed in diesel sales to 0.79m tonnes in April from 0.55m tonnes in April 2020. On month-over-month sales rose 47pc from 0.53m tonnes in March.

The July-April 2020-21 diesel sales went up by 20pc to 6.16m tonnes from 5.15m tonnes.

Rising sales of cars, SUVs, pickups, jeeps and two-wheelers have continued to push up demand of petrol while robust goods movement of goods relating to import and export followed by harvesting of the wheat crop can be attributed to improving diesel sales.

Furnace oil sales showed 155pc growth during April to 0.18m tonnes from 0.07m tonnes during April 2020 while on month-on-month sales were down 17pc.

In 10MFY21 furnace oil sales posted a 48pc growth to 2.48m from 1.68mn tonnes in 10MFY20.

Syed Fawad Bashir of Topline Securities said the overall increase in oil sales was led by massive jump in FO sales as its usage in private sector power generation has increased due to expensive grid electricity.

Published in Dawn, May 4th, 2021

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