Pakistan exported a record 125,000 tons of surplus fuel oil in November 2023 due to poor local demand in recent months.
In the first three weeks of November, Pakistan exported 125,000 tons of fuel oil, nearly equal to 146,000 tons of total exports in the past four months and well over the previous monthly record of 75,000 tons, reported a national daily.
The increase in exports occurred due to a massive backlog of fuel oil at local refineries. Notably, Pakistan produced no electricity from fuel oil in October, a 100 percent decrease from last year.
More details reveal that fuel oil exports increased dramatically in November compared to the previous month of October. In October, the country exported 46,000 tons of fuel oil. This is a record monthly export of fuel oil for Pakistan, which previously exported 75,000 tons in a single month.
Pak Arab Refinery Limited shipped 50,000 tons of fuel oil in November, Cnergyico shipped 40,000 tons, and Pakistan Refinery Limited shipped out 25,000 tons.
So far, this trend is here to stay as there is no demand for fuel oil in the country for power generation, and for that reason, it is finding its way into the international market.
Export everything for few bucks, even your honour. It is strange that at times we are begging for oil, at others exporting it.
For the sake of of clarity it should have been mentioned that this is furnace oil, not regular “gasoline/diesel”
Shouldn’t we import lesser fuel considering the projected consumption of fuel oil for power generation, reducing burden on foreign exchange reserves.