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KARACHI: Total sales of petroleum products in the country declined by 8.0 percent on a year-on-year basis to 5-month low level of 1.12million tons during February 2024.

The decline in sales comes on the back of higher petroleum product prices and lower dependency on FO-based power production, an analyst at Arif Habib Limited said.

The sales of motor spirit (MS) witnessed a dip of 1.0 percent in February 2024, clocking in at 0.54million tons. Similarly, HSD sales volumes plummeted by 7.0 percent YoY, reaching 0.45million tons during the same period.

POL sales plunge 24% YoY amid high prices, economic distress

On the other hand, furnace oil (FO) sales plunged by 58 percent YoY to 0.05million tons in February 2024.

On a MoM basis, petroleum sales reported a decline of 19 percent during February 2024 on account of a jump in prices of MS and HSD, and fewer days during the month.

The sale of MS was reduced by 12 percent MoM. Likewise, off-take of HSD contracted by 13 percent MoM in February 2024; whereas, FO dispatches nosedived by 73 percent MoM.

During the first eight months of FY24, total sales of petroleum products reduced by 13 percent YoY to 10.18million tons as compared to 11.69million tons in the same period last year.

Product-wise data shows a fall in all categories; the volumetric sales of MS, HSD, and FO clocked in at 4.73million tons, 4.12million tons, and 0.80million tons, respectively.

Copyright Business Recorder, 2024

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