Oil sales in the country have hit 4-year low by 33% to 4.7 million tonnes in the first quarter of Fiscal Year 2019, reports Dawn.
According to the local media outlet, the sales of gasoline is dropped by 2% to 1.896m tonnes whereas, on the other hand, the sales of diesel has been dropped by 19%. The reason for this dip is due to the drop in sales of furnace oil.
Moreover, even in August 2018, oil sales plunge around 46% to 1.5 million tons compared to the same period of the previous year. The main reason for the dip in sales was due to higher prices of petroleum products.
The net profits of Hascol, Shell, and PSO were down in FY’18, however, on the contrary, Attock Petroleum’s net profit saw a robust growth and was up by 6.81%. Additionally, Mari Petroleum’s profit surged by 68% to PKR 15.37 billion, in FY’18.
It is important to mention here that not only oil sales are down, but car bookings in the country are also down by 30% due to the government’s restriction on non-filers from purchasing cars.
The Federal government on Wednesday 3rd October 2018, allowed non-filer to buy vehicles having engine capacity below 200cc and retained the ban on cars and other high-end vehicles.
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