POL production falls 5.5pc in 8 months

ISLAMABAD: The overall production of petroleum commodities has witnessed a decline of 5. 5 percent during first eight months of the current fiscal year as compared to corresponding period of last year.

According to the data of Pakistan Bureau of Statistics (PBS), the POL products that showed negative growth include Jet Fuel Oil, production of which decreased by 4.43 percent in July-February (2018-19) compared to the last year.

The production of Kerosene oil also decreased by 4.89 percent during the period while the output of high speed diesel decreased by 6.76 percent, furnace oil by 11.42 percent, jute batching oil by 2.79 percent, solvent Naptha by 32.36 percent while the production of petroleum products declined by 34.97 percent.

The commodities that witnessed positive growth in yield included motor spirits, output of which grew by 9 percent while the production of Diesel oil went up by 35.31 percent, lubricating oil by 14.52 percent while the production of LPG increased by 31.51 percent.

On year on year basis, the production of petroleum products witnessed negative growth of 10.54 in February 2019 compared to the corresponding month of last year. The items that contributed in negative growth included jet fuel oil, kerosene oil, motor spirits, high speed diesel, furnace oil and petroleum products.

The items that witnessed positive growth included diesel oil, lubricating oil. Kite batching oil, solvent naptha, LPG.

It is pertinent to mention here that overall production of the Large Scale Manufacturing Industries (LSMI) production has witnessed decline of 1.72 percent during first eight months of the current fiscal year as compared to the corresponding period of last year.

LSMI Quantum Index Number (QIM) was recorded at 143.25 points during July-February (2018-19) against 145.76 points during July-February (2017-18), showing a negative growth of 1.72 percent, according to the latest data released by the Pakistan Bureau of Statistics (PBS) on Friday.

The highest decrease of 1.63 percent was witnessed in the indices monitored by Ministry of Industries, followed by 0.34 percent negative growth in the products monitored by the Oil Companies Advisory Committee (OCAC), however the indices monitored by Provincial Board of Statistics witnessed positive growth of 0.25 percent.

On year-on-year basis, the industrial growth also decreased by 1.49 percent in February 2019 as compared to same month of last year, whereas month-on-month basis, the industrial growth witnessed decrease of 5.11 percent in February 2019 when compared to growth during January 2018, the PBS data revealed.

The provisional QIM is being computed on the basis of the latest production data of 112 items received from sources, including Oil Companies Advisory Committee (OCAC), Ministry of Industries and Production (MoIP) and Provincial Bureaus of Statistics (PBoS). OCAC provides data of 11 items, MoIP of 36 items while PBoS proved data of remaining 65 items.