Islamabad June 18 2023: Refineries throughout witnessed a decrease of 20.4 percent during the month of April 2023 as compared to the corresponding month last year due to decrease in refinery margins, OCAC reported.
Moreover, Refineries Production witnessed a decrease of 11.24 percent during the period from July 2022 to April 2023 as compared to the corresponding period of last year due to lower demand of furnace oil and lower margins.
In April, margins of both Gas oil and Petrol dropped to less than USD 10/bbl compared to USD 42.6/bbl and USD 19.6/bbl at the start of the year, whereas Furnace oil margins remained at negative USD 25.8/bbl, based on Gulf prices.
Pakistan crude oil imports declined by 14.88 percent during the period from July to April 2022 to 47.83 million barrels when compared with crude oil imports of 56.20 million barrels in the same period last year.
Most of the petroleum products witnessed drop in production but Jet fuel and other petroleum products are only two items that showed increased during that period. During July to April 2023, production of High Speed Diesel declined by 14.76 percent with production of 29.7 million barrels when compared to production of 34.8 million barrels in the same period last year. Likewise, the production of Motor Spirit (Petrol) decreased by 8.04 percent in the period of July to April 2023 when compared to corresponding period last year with production of 22.04 million barrels.
The production of Kerosene oil dropped by 18.44 percent, diesel oil by 12.70 percent, furnace oil by 9.86 percent, Solvent Naptha by 31.78 percent, and LPG by 9.56 percent.
