Islamabad August 1 2023: Sales of petroleum products decreased by 6 percent year on year to 1.35 million tons during July 2023 due to lower demand from power sector, according to data shared by OCAC.
Pakistan State Oil (PSO) sales declined by 11 percent and sales of both Shell Pakistan (Shell) and Attock Petroleum (APL) dip by 7 percent.
However, Petroleum sales remained unchanged on month on month basis due to reduction in oil prices. During the month of July 2023, Government reduce the prices of petroleum products in order to pass on the impact of decreasing prices trend of petroleum products in international market and provide maximum relief to the masses. Average Motor Spirit and declined by 1.71 percent in July 2023 while High Speel Diesel prices increased by 1.59 in July 2023 after reduction of 6.95 percent during June 2023.
On the contrary, Motor Spirit prices increase by 7.57 percent on year on year to average PKR 258.39 per liter in the month of July 2023. On the similar pattern Diesel prices increased by 0.58 percent on year on year to average PKR 257.92 per liter during the month.
Sales of Motor Spirit (MS) during July 2023 increased by 10 percent year on year to 655 thousand tons due to higher traveling on eve of Eid. On a month on month basis, the sales of MS were increased by 2 percent.
The same trend has been witnessed in the sale of High-Speed Diesel (HSD), which increased by 11 percent on year on year to 494 thousand tons during July 2023 due to higher demand from agriculture sector for rice and cotton harvesting. However, HSD sales decreased by 9 percent compared to previous month due to higher rainfall during the month.
Sales of Furnace oil (FO) were decreased by 59 percent year on year during July 2023 to 144 thousand tons. The decline in sales is witnessed due to lower demand from power producers.
