Karachi February 2 2024: CNERGYICO witnessed a 61% surge in petroleum sales in January 2024 compared to the same month last year, according to data released by OCAC.
Formerly known as BYCO Petroleum, CNERGYICO experienced a notable increase in petrol sales, rising over threefold to 11 thousand tons, while diesel sales surged by 74% to 10 thousand tons. The company also reported a 37% growth in furnace oil sales, reaching 35 thousand tons. In first seven months of this fiscal year, which runs from July to June, company’s sales increased by 8% to 258 thousand tons.
In contrast, Pakistan’s overall petroleum sales dipped by 4% in January 2024 to 1.382 million tons, compared to 1.443 million tons in January 2023. The country’s petroleum sales for the first seven months of the year recorded a 13% decrease, totaling 9.067 million tons.
“Elevated retail prices of petrol & Diesel, increased inflow of Iranian fuel and economic slowdown were the primary reason behind decline in petroleum sales” writes Zeeshan Azhar Analyst At Foundation Securities in its research report.
Country’s Petrol and Diesel sales during January 2024 decreased by 5% and 12% while Furnace oil sales increased by 28%.
Zeeshan added, “furnace oil sales increased during the month due to increased demand from power producers amid decline in hydel power generation due to peak winter despite higher proportion of RLNG, coal and nuclear”
