Local POL production increases 12.71pc in 3rd quarter

ISLAMABAD: The overall production of petroleum commodities has witnessed an increase of 12.71 percent during the first three quarters of financial year 2020-21 as compared to corresponding period of last year.

The Petroleum, Oil and Lubricants (POL) products that showed growth including kerosene oil production, which increased by 0.44 percent 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 NO S witnessing increase of 26.10 percent, 20.70 percent, 9.09 percent, 2.93 percent, 4.53 percent, 11.55 percent and 4.59 percent respectively.

However, the production of Jet Fuel Oil has decreased by 28.61 percent, Diesel oil 47.95 and Solvent Naptha 18.31 during the period under review.

On year-on-year basis, the production of POL products has witnessed an increase of 76.85 percent 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 percent, motor spirits 85.15 percent, high speed diesel by 118.93 percent, furnace oil by 55.41 percent, lubricating oil by 36.39 percent, jute batching oil by 98.79 percent, solvent naptha by 11.89 percent, LPG 40.306 percent and petroleum products nos by 89.52 percent.

On the other hand, the production of kerosene oil dipped by 4.50 percent and jute batching oil by 77.55 percent.

It is pertinent to mention here that the Large Scale Manufacturing Industries (LSMI) production grew by 22.39 percent on year-on-year basis during the month of March 2021 as compared to the corresponding month of last year, Pakistan Bureau of Statistics (PBS) reported.

LSMI Quantum Index Number (QIM) was recorded at 155.60 points during March 2021 against 127.14 points during March 2020, showing positive growth of 22.39 percent, according to the latest PBS data.

During the first three quarters of the current fiscal year, the overall production increased by 8.99 percent compared to the corresponding period of last fiscal year.

The industrial production during July-March (2020-21) was recorded at 150.53 points against the output of 138.11 points during July-March (2019-20).

The highest increase of 6.85 percent was witnessed in the indices monitored by the Ministry of Industries, followed by 1.49 percent increase in indices monitored by the Provincial Board of Statistics and 0.66 percent increase in the products monitored by the Oil Companies Advisory Committee (OCAC).