Petroleum consumption falls by 3% YoY in Pakistan

Petroleum product consumption reduced by 3 percent year-on-year in Pakistan, according to the statistics issued by the Oil Companies Advisory Council on Monday.

The OCAC report depicted that in the first three months of the fiscal year 2024-25, 3.68 million tonnes of petroleum products were sold, compared to 3.81 million tonnes in FY2024.

However, the sales of petroleum products increased by 20 percent in September, with 1.27 million tonnes of petroleum products sold in the third month of the ongoing fiscal year, compared to 1.22 million tonnes of the previous year.

“The jump in sales comes on the back of higher demand amid a decline in MS and HSD prices by 20.19 percent and 20.06 percent YoY, respectively,” said brokerage house Arif Habib Limited.

However, consumption of petrol increased by 22 percent in September, with 0.63 million tonnes, compared to 0.52 million tonnes in the same period of the last fiscal year.

According to the data, a total of 3.68 million tonnes of petroleum products were consumed during the first three months of FY25, including 1.85 million tonnes of petrol, 1.42 million tonnes of high-speed diesel, and 0.21 million tonnes of furnace oil.

In the initial three months of FY24, the country consumed 1.85 million tonnes of petrol, 1.44 million tonnes of high-speed diesel, and 0.35 tonnes of furnace oil.

Similarly, HSD sales jumped by 25 percent YoY to 0.49 million tonnes in September 2024, while furnace oil consumption witnessed a decline of 18 percent. 

Company-wise, PSO sales climbed by 8 percent YoY in September 2024, clocking 0.55 million, and HASCOL and Shell Petroleum’s sales swelled up by 76 and 17 percent YoY, respectively. Attock Petroleum Limited witnessed a decline of 8 percent YoY during September 2024.