Monday June 27, 2022

OCAC issues fortnightly sales data

By Our Correspondent
May 17, 2022

KARACHI: The sale of high speed diesel (HSD) and petrol was recorded at 363,667 metric tonnes (MT) and 363,210 MT respectively during first 15 days of May 2022, Oil Companies Advisory Council (OCAC) reported on Monday.

The primary representative of country’s downstream oil industry issued the sales

numbers of High Speed Diesel (HSD) and Motor Spirit (MS) for the first fortnight of the onging month.

Waqar Irshad Siddiqui, chairman OCAC, said the sector had remained committed to meeting

the despite global energy shortage, impact on availability, prices of oil pushed by Ukraine conflict.

Ukraine conflict and sharply depreciating currency had pushed the POL product prices to new heights, and limited credit facilities worsening the liquidity crunch of oil marketing companies (OMCs) and refineries, added.

In regard to the sales numbers, he said the sales figures for the month of April 2022 and

the first fortnight of May 2022 represent a clear commitment of the OMCs to fulfill surged demand. A speculative fuel buying on different reports of fuel price hike amid ongoing harvesting season had also built a pressure, he added.

On the other hand, the PDC payments are being processed by the government in a timely manner, but despite of that it further increases the financial constraints on enabling sustained oil imports to fulfill the overall fuel demand.

Monthly sales for High Speed Diesel was recorded 919,442 MT in the month of April 2022, registering an increase of 17 percent compared to the same period last year (Apr ‘21).

With appreciable sales numbers for the first fortnight of the current month, the oil industry was positive towards fulfilling country’s fuel needs with support of the concerned authorities and ministries for the prosperity of the country, Siddiqui stated.