First Seven Months of the Financial Year Witness a Substantial Drop in Petroleum Product Sales

Petroleum Product Sales Experience a Significant Decline in the First Seven Months of the Financial Year

Overview of the Sales Decline

In a notable downturn, the sale of petroleum products in the country has witnessed a substantial decrease in the first seven months of the current financial year.

Statistical Insights

According to data from OCAC and Arif Habib Research, the sales of petroleum products amounted to 9.07 million tons during this period, reflecting a 13% reduction compared to the corresponding period in the previous financial year. In contrast, the sales were recorded at 10.47 million tons during the same timeframe last year.

Monthly Sales Analysis

In January, the country recorded sales of 1.38 million tonnes of petroleum products, marking a 12% increase from December but a 4% decline from January of the preceding year. In comparison, 1.24 million tonnes were sold in December, and 1.44 million tonnes were sold in January the previous year.

Breakdown of Product Sales

Breaking down the data, the sales in the first seven months comprised 4.18 million tons of petrol, 3.67 million tons of high-speed diesel, and 0.75 million tons of furnace oil.

Positive Trends in Local Production

Contrastingly, the Oil and Gas Development Company Limited (OGDCL) has reported a gradual increase in the local production of oil and gas.

Read More : NA 172 Political arena of Rahim Yar Khan

Production Milestones

According to OGDCL spokesperson, notable milestones include the commencement of crude oil production at Dars West well 2 Tandwala Yar in the Sindh province, producing 350 barrels per day. Additionally, gas production of 8 million cubic feet per day and an extra 20 metric tons per day of LPG have also begun.

Impact on Import Bill

The spokesperson emphasized that this surge in local production is anticipated to significantly reduce the country's annual import bill by approximately 50 million US dollars.

Read More : Interpretation of seeing a window in a dream