Local POL production increases 12.7pc in 3QFY21

ISLAMABAD: The overall production of petroleum commodities has witnessed an increase of 12.71 per cent during the first three quarters of financial year 2020-21 (3QFY21) as compared to corresponding period of the last fiscal year.

Petroleum, Oil and Lubricants (POL) products that showed growth including kerosene oil production, which increased by 0.44 per cent during the period under review, Pakistan Bureau of Statistics (PBS) reported.

Similarly, the production of Motor Spirits, High Speed Diesel, furnace oil, lubricating oil, jute batching oil, Liquefied Petroleum Gas (LPG) and petroleum products NOS witnessing increase of 26.1 per cent, 20.7 per cent, 9.1 per cent, 2.93 per cent, 4.53 per cent, 11.6 per cent and 4.6 percent, respectively.

However, the production of jet fuel oil decreased by 28.6 per cent, diesel oil 47.95 and Solvent Naptha 18.31 during the period under review.

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On year-on-year (YoY) basis, the production of POL products has witnessed an increase of 76.9 per cent during March as compared to the output of March 2020.

During the month under review, the production of jet fuel oil increased by 33.02 per cent, motor spirits 85.2 per cent, high speed diesel by 118.93 per cent, furnace oil by 55.4 per cent, lubricating oil by 36.4 per cent, jute batching oil by 98.8 per cent, solvent naptha by 11.9 per cent, LPG 40.31 per cent and petroleum products nos by 89.52 per cent.

On the other hand, the production of kerosene oil dipped by 4.5 per cent and jute batching oil by 77.6 per cent.

It is pertinent to mention here that the Large Scale Manufacturing Industries (LSMI) production grew by 22.4 per cent on YoY basis during the month of March 2021 as compared to the corresponding month of last year, PBS reported.

LSMI Quantum Index Number (QIM) was recorded at 155.6 points during March 2021 against 127.14 points during March 2020, showing positive growth of 22.4 per cent, according to the latest PBS data.

During the first three quarters of the current fiscal year, the overall production increased by 8.9 per cent compared to the corresponding period of last fiscal year.

The industrial production during the July-March period of FY21 was recorded at 150.53 points against the output of 138.11 points during July-March FY20.

The highest increase of 6.9 per cent was witnessed in the indices monitored by the Ministry of Industries, followed by 1.5 per cent increase in indices monitored by the Provincial Board of Statistics and 0.66 per cent increase in the products monitored by the Oil Companies Advisory Committee (OCAC).

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