Local POL production increases 4.63pc in 7 months of FY 2020-21

ISLAMABAD: The overall production of petroleum commodities has witnessed an increase of 4.63 percent during the seven months of financial year 2020-21 as compared to corresponding period of last year.

The Petroleum, Oil and Lubricants (POL) products that showed growth including motor spirits production, which increased by 17.66 percent during the period under review, Pakistan Bureau of Statistics (PBS) reported.

Similarly, the production of High Speed Diesel, Furnace Oil, Lubricating Oil and Liquefied Petroleum Gas (LPG) witnessing increase of 8.68 percent, 4.98 percent, 0.20 percent and 6.17 percent respectively.

However, the production of Jet Fuel Oil has decreased by 37.43 percent, Kerosene oil 1.56 percent, Diesel oil 51.67, Jute Batching oil 6.71, Solvent Naptha 13.62 and petroleum product NOS 13.94 percent during the period under review.

On year-on-year basis, the production of POL products has witnessed an increase of 2.33 percent during January 2021 as compared to the output of January 2020.

During the month under review, the production of motor spirits increased by 12.62 percent, high speed diesel by 2.13 percent, diesel oil by 40.37 percent, lubricating oil by 40.33, solvent naptha by 60.06 percent and LPG by 4.95 percent

On the other hand, the production of jet fuel oil dipped by 35.90 percent, kerosene oil by 35.39 percent, furnace oil by 3.70 percent, jute batching oil by 48.70 percent and petroleum products NOS by 12.69 percent.

It is pertinent to mention here that the overall output of Large Scale Manufacturing Industries (LSMI) in the country during the seven months of financial year 2020-21 witnessed growth of 7.85 percent as compared to the output of the corresponding period of last year.

LSMI Quantum Index Number (QIM) was recorded at 147.22 points during July-January (2020-21) against 136.49 points during July-January (2019-20), showing growth of 7.85 percent, according to the data released by the Pakistan Bureau of Statistics (PBS).

The highest increase of 6.48 percent was witnessed in the indices monitored by the Ministry of Industries, followed by 1.11 percent increase in the products monitored by the Provincial Board of Statistics (BOS) and an increase of 0.26 percent was witnessed in the indices monitored by the Oil Companies Advisory Committee (OCAC).