KARACHI: The sale of petroleum products increased 26pc in February 2021 as compared to the same month of last year owing to improved economic activities after reduction in coronavirus cases.
The sales of oil marketing companies (OMCs) were recorded at 1.4 million tonnes in February 2021 as compared with 1.11 million tonnes in the same month of the last year.
Analysts at Arif Habib Limited attributed the growth to resilience displayed by the economy and the ensuing demand for motor spirit. Further, the growth may also be attributed to better agricultural yields resulting in higher sales of high-speed diesel (HSD).
The massive growth in two/three/four-wheeler offtake and absence of CNG at fuel stations were also seen as major reasons for improved sales of POL products. In addition, analysts said that strict control on borders to control supply of illegal or dumped fuel from Iran further contributed to higher sales.
Overall, the sale of petroleum products increase 13pc to 12.67 million tonnes during the first eight months (July–February) of 2020/2021 as compared with 11.24 million tonnes during the same period of the last fiscal year.
Dissection of data revealed that major contribution to growth came from HSD and furnace oil, as their offtake jumped to 4.84 million tonnes and 2.09 million tonnes, up by 15pc and 36pc YoY against 4.21 million tonnes and 1.54 million tonnes in the same period of last year.
