Petroleum products drops by 26% YoY in 5MFY23

MG News | December 23, 2022 at 02:07 PM GMT+05:00

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December 23, 2022 (MLN): Petroleum products in the country during the period from July to November slipped by 26% to 7.035 million tons (MTs) as compared with 9.537MT in the same period last year.

The decline in demand was mainly due to a significant decrease in all three petroleum products, including Crude Oil imports, Gasoline imports, and Furnace Oil (FO) dropped by 16%, 20%, and 52.5% respectively.

Similarly, diesel imports dropped by 44% to 0.897MT as compared to 1.609MT in the same period last year.

The decrease in sales of petroleum products is attributed to limited economic activities due to rising oil prices and inflationary pressure in the country.

The lower demand due to higher prices led to a lower import bill as well as lower sales of petroleum products.

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