Local POL production increases 2.35pc in 2MFY22

ISLAMABAD: Overall production of petroleum commodities has witnessed an increase of 2.35 per cent during the first two months of current financial year 2021-22 (2MFY22) as compared to corresponding period of fiscal year (2MFY21).

Petroleum, Oil and Lubricants (POL) products that showed positive growth include jet fuel oil the production of which increased by 14.40 per cent during the period under review, Pakistan Bureau of Statistics (PBS) reported.

Similarly, the production of motor spirits, lubricating oil, solvant naptha, liquefied petroleum gas (LPG) and other petroleum products witnessed an increase of 7.48 per cent, 168.36 per cent, 15.66 per cent, 7.26 per cent, and 21.26 per cent, respectively.

However, the production of kerosene oil decreased by 1.06 per cent, high speed diesel (HSD) by 1.25 per cent, diesel oil NOS by 16.25 per cent, furnace oil 7.84 per cent and jute batching oil 41.61 per cent during the period under review.

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On year-on-year (YOY) basis, the production of POL products witnessed an increase of 8.83 per cent during August 2021 as compared to the output of August 2020.

It is pertinent to mention here that the overall output of Large Scale Manufacturing Industries (LSMI) in the country during 2MFY22 witnessed a positive growth of 7.26 as compared to the output of the corresponding months of last year.

LSMI Quantum Index Number (QIM) was recorded at 139.38 points during the July-August period against 129.95 points during 2MFY21, showing a growth of 7.26 per cent.

Moreover, the highest increase of 4.31 per cent was witnessed in the indices monitored by the Ministry of Industries, followed by 2.81 per cent increase in indices monitored by the Provincial Boards of Statistics (PBoS), and 0.14 per cent indices monitored by the Oil Companies Advisory Committee (OCAC).

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