OCAC reports increase in sales trend of fuel products in November

KARACHI: The Oil Companies Advisory Council (OCAC) has reported an increasing sales trend of fuel products in the country for the month of November 2022.

The high sales trend is primarily driven by the ongoing agri season and escalating pace of infrastructure rehabilitation by the government in flood-stricken areas.

Though the international market has been volatile since February 2022 due to the impact caused by Russia-Ukraine conflict on oil prices and availability; however, despite the challenges, the oil industry has been successfully striving to meet the fuel demand of the country backed by the local refineries and through import of deficit product.

In order to cater to the energy needs, the country has an inventory of more than 400,000 MT HSD and 500,000 MT MS respectively i.e. around 16 days and 21 days respectively. In addition, imports of 250 KT HSD by PSO and 364 KT MS by PSO and other OMCs are already finalized to arrive in current month while further import volumes are also being arranged to build up stocks.

The local refineries are also committed to supplying local fuel in line with their tabled production i.e. around 400 KT HSD and 200 KT MS in the month. OGRA, OCAC, MOEPD and the oil industry are closely monitoring sales trend, stocks, imports and local product availability through regular consultative engagement sessions to ensure that the fuel supplies remain streamlined for meeting the demand of the country.

Copyright Business Recorder, 2022