Petrol Sales Take a Massive Dip – Decreased by 19%

1 2,022

Pakistan’s half-beating economic pulse has shattered the local industry whereas not well-thought economic strategies have ceased the purchasing power of inflation-stricken business and the middle class. Furthermore, Burgeoning car and fuel prices resulted in a slump in petrol sales in the current fiscal year.

As per reports, petrol sales in Pakistan reduced by 19%. In January 2023, POL sales decreased by 20% compared to the corresponding period of last year – 1.44 million tonnes Vs. 1.80 million tonnes (month-on-month sales).

Coming to year-on-year (YoY) sales, during the first seven months of the current fiscal year, 10.47 million tonnes of petroleum were sold against 12.91 million tonnes sold during the same period of last year. Moreover, petrol sales reduced by 15% in FY23, clocked at 4.48 million tonnes compared to 5.26 million tonnes in the corresponding time period of FY22.

Meanwhile, high-speed diesel sales also declined by 23%, selling 3.95 million tonnes against 5.10 million tonnes sold in the same period of last fiscal year.

Is Severe Fuel Shortage Coming This Month?

In his press brief, Dar said that to prevent temporary hoarding and speculation about petrol shortages, the Oil & Gas Regulatory Authority (OGRA) asked the government and Prime Minister Shehbaz Sharif to implement the new rates immediately. It was a good move by the government to stop hoarding; however, there are still news circulating that prices will go further up.

The situation is grave as there would be another price increase, which can be in the next few days or on February 15, 2023. Secondly, some experts believe that there would be no fuel shortage because it is more of a technical issue; however, media reports and a few analysts believe that the country is on the verge of a fuel shortage, and the reason is the non-issuance of LCs by the SBP.

Google App Store App Store
1 Comment
  1. Khurram says

    Well thought out policies! What are you saying author? Petrol prices in Pakistan are lower than prices in India, once converted into USD of course. Here is the link, please do not spread misinformation on a popular channel.
    By the way, it is these actions that are bringing upon Pakistan such government, yes author because remember government is born out of people, it does not fall upon people from skies.
    Link https://tradingeconomics.com/country-list/gasoline-prices?continent=asia

Leave A Reply

Your email address will not be published.