KARACHI: Sales of petroleum products surged up to 17.6 percent in the first five months of current fiscal year 2021-22, owing to increased consumption of furnace oil (FO) to generate electricity.
The sales date showed that the sale of total petroleum products in July-November period increased by over 17 percent to
9.60 million tons million tons, which was 8.16 million tons in same period of previous year. Sales, however fell 12 percent in November 2021 compared to the preceding month of October on the back of low offtake of furnace oil (FO) for power generation.
Total consumption of petroleum products stood at 1.75 million tons in the month under review compared to 1.99 million tons in October of this fiscal.
However petroleum products consumption registered a slight increase of 1.72 percent in November of this fiscal compared to the same month of last year, which was 1.72 million tons.
Double digit growth was witnessed in all categories including petrol, diesel and FO, which registered 10.8 percent, 19.8 percent and 28.5 percent growth respectively in the five months of this fiscal year.
Brokerage Arif Habib Limited said the decline in sales volume of petroleum products in November was caused by power requirements in winter season, which is usually lower compared to summer.
Sheikh argued that the government should have maintained stable petroleum prices
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