The first six months of the fiscal year 2024 (FY24) have been extremely difficult for Pakistan’s petroleum sector, with sales of petroleum products declining by 15%.
In the same period last year, the figure decreased from nine million metric tonnes to 7.686 million metric tonnes.
In particular, petrol sales witnessed a significant decline of 7% from 3.83 million metric tonnes in FY23 to 3.57 million metric tonnes during July-December 2023.
Pakistan’s Petroleum Sector:
In September 2023, it fell from Rs 267.34 to Rs 331.28 per litre. Despite the price drop, this decline continued.
In the first half of FY 2023, the price of High-Speed Diesel (HSD) decreased from Rs 329.18 to Rs 276.21 in September 2023. Diesel sales decreased by 6% to 13.6 million metric tonnes compared to 3.36 million metric tonnes.
In contrast, there was a staggering 54% increase in FO sales in November 2023, totaling 82,000 metric tons from October 2023. This increase was possible due to reduced production of RLNG and hydra power during winter months and gas shortages.
Whereas, in December 2023, FO sales decreased by 36%, amounting to 79,000 metric tons, which represents a decrease of 4%.
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In December 2023, petroleum was projected to decline by 7% to 1.24 million metric tonnes from 1.33 million metric tonnes in December 2022.
Despite the drop in diesel and petrol prices, consumers are limiting their purchases of fuel according to their needs.
The latest data shows that the rising prices of petrol and diesel are contributing to the cheap sale of petroleum products.
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