Petroleum Sales Hit A Record Two-Year High
Petroleum sales and prices are always under discussion as the government frequently announces increase in prices. However, this October, it has been reported that the petroleum sales have been the highest in 2 years.
If the October sales are compared with those of the previous months, the sales increased by a solid 11%. Also, 1.52 million tons products of petroleum were sold.
The reason behind this sudden increase in sales can be attributed to the fact that economic activities have been resumed in the country and there is no more a significant lockdown situation.
Sales of petroleum products
Firstly, the demand of petrol increased by a major 7%. In September, 0.64 million tons of petrol was sold but in October, 0.69 million tons of petrol was sold.
However, the sales of diesel saw the most significant increase. In September, 0.47 million tons of diesel was sold. In October, this figure rose to 0.67 million tons. This made diesel the most sold petroleum product in October.
Unfortunately, the sales of furnace oil, that is a power source for oil-based power plants, suffered a decline. 0.37 million tons were sold in September but only 0.29 million tons were sold in October. These reduced sales can be because of the changing season, as electricity demand is becoming low.
Company-wise sales of petroleum oil products
In October, Hascol Petroleum Limited reported the highest growth in overall petroleum products’ sales. The company reported a 32% increase in month-on-month sales.
Shell Pakistan Limited recorded a 22% month-on-month increase. Pakistan State Oil registered the lowest jump in month-on-month increase, i.e. 10%.
This overall increase in sales of petroleum products is good news for the economy. However, let’s see if this lasts or we see a decrease due to any reason.