57% Increase in Oil Sales Recorded in April

Pakistan’s oil sales soared by 57 percent to 1.67 million tons in April 2021 from 1.07 million tons in April 2020.

On a month-over-month basis, oil sales jumped 13 percent from 1.49 million tons in March 2021. Overall, during the ten months of the current fiscal year, the total increase in oil sales clocked in at 19 percent to 15.83 million tons, up from 13.34 million tons in July to April of FY2020.

Petrol sales in April 2021 were 54 percent higher at 0.67 million tons from 0.44 million tons in April 2020. However, on a monthly comparison, they recorded a 2 percent decrease from 0.69 million tons in March 2021, said a report by Arif Habib Ltd.

Petrol sales in the ten months of FY21 showed an increase of 12 percent to 6.73 million tons from 5.99 million tons in the same period last year, while a 44 percent increase was posted by diesel sales to 0.79 million tons in April 2021 from 0.55 million tons in April 2020.

Increased sales of cars, SUVs, pickups, jeeps, and two-wheelers contributed to this higher demand for petrol while diesel sales were helped by improved movement of goods and import and export transportation in the wake of loosening of lockdown, as well as the harvest of the wheat crop.

Furnace oil sales showed 155 percent YoY growth during April 2021 to 0.18 million tons. However, from March 2021, the sale of finance oil went down by 17 percent.

According to Topline Securities the overall oil sales also went up due to increased usage in private sector power generation.