Petroleum sales hit record two-year high in October

Sales of petroleum oil products (POL) hit a two-year high in October with 1.7 million tonnes of petroleum products sold, an increase of 11 per cent from September.

In September 2020, a total of 1.52 million tonnes of petroleum products were sold. The rise in the sales volume in October is largely attributed to the easing of lockdown and the resumption of economic activities across the country. 

A significant 43 per cent rise in the demand for high-speed diesel was also reported. The sales of diesel were 0.67 million tonnes in October as compared to 0.47 million tonnes in September, which resulted in it being the most sold petroleum product during October.

The demand for petrol improved by only 7 per cent in October, with 0.69 million tonnes of petrol sold during the month, compared to 0.64 million tonnes sold in September.

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Furthermore, the demand for furnace oil reportedly fell by 22 per cent, with 0.29 million tonnes in sales during October compared to 0.37 million tonnes in September. Furnace oil is mainly used as a power source for oil-based power plants.

Within the oil marketing companies (OMCs), Hascol Petroleum Limited reported the highest improvement in the Month on Month (MoM) sales figures, recording a 32 per cent MoM increase. Shell Pakistani Limited ranked second with a record of 22 per cent MoM increase in sales, followed by Pakistan State Oil (PSO) which recorded a 10 per cent MoM increase.

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