October 4, 2023

Oil sales slump to lowest since Covid lockdown as prices bite

KARACHI: Oil sector faced a steep decline in sales in September, as high prices and low demand for fuel oil hurt the industry, data from the Oil Companies Advisory Council showed on TuesdayThe sale of petroleum products fell 34 percent from a year earlier to 1.01 million tonnes, the lowest level since March 2020, when the country was under a lockdown due to the coronavirus pandemic.The drop was mainly driven by a 72 percent plunge in fuel oil sales, which fell to 0.08 million tonnes as the...