Pakistan’s furnace oil exports hit record high in 5MFY24
MG News | January 01, 2024 at 01:14 PM GMT+05:00
January 01, 2024 (MLN): Pakistan’s exports of furnace oil have surged to a historic high level in the five months of FY24, amounting to 358,000 metric tons.
This surpasses the entire export volume recorded in FY23, which stood at around 276,979 metric tons.
To note, Pakistan has traditionally remained dependent on imports for furnace oil in the past.
The power generation segment is the largest consumer of furnace oil, and with the domestic economy facing multifaceted challenges amid soaring inflation, continuous PKR depreciation, and supply chain disruptions, the demand for furnace oil has dropped significantly.
This prompts the companies to export the excess production.
Currently, there are five organizations operating in the oil refining sector in Pakistan, which includes; Pak-Arab Refinery Limited (PARCO), Attock Refinery Limited (ARL), National Refinery Limited (NRL), Pakistan Refinery Limited (PRL), and Cnergyico Pk Limited (CPL).
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