The country’s car industry is not the only sector facing the worst; the prevailing economic fuss has also walloped the oil industry. Petroleum sales in Pakistan is dwindling consistently. The fiscal year 2023 is labeled as the calamity petroleum sales didn’t face in its history. Earlier in FY07, sales touched unparalleled lows, clocked at only 16.6 million tonnes. And then comes Covid year FY20 but that’s an exception with a reason.
As per reports, total volumetric sales of petroleum products have fallen by 26% in FY23. Furnace topped the down-race with a down of 49. Whilst high-speed diesel and gasoline came as the runner-ups with 28% and 17%, respectively.
The recent data revealed that petroleum sales (year-on-year) in June ’23 decreased by 31 percent compared to the corresponding period of year 2022. And the reasons behind this low are not new, thanks to burgeoning prices, economic meltdown, and smuggling across the Iranian border.
Coming to month-over-month sales, observed an increased of 4% compared to what sold in May’23. This jump may be laced with what usually observed in summers in terms of fuel consumption. Surprisingly, diesel volumetric didn’t change even after a price jump.
Oil consumption graph may jack up in coming months but import embargoes on the auto sector including high inflation rate and rising price may remain the basic impediments. Same is the situation with car sales, decreased by 59% in Jul-Jun’22-23.
Car Sales Decreased
As per Pakistan Automotive Manufacturers Association (PAMA) report, car sales (year-on-year) plunged by staggering 59% selling 126,879 units in FY23 compared to 279,267 vehicles in fiscal year 2022. Meanwhile, month-over-month sales increased by 10%, selling 6,034 vehicles in June against 5,464 units sold in May.
Highlighting the motorcycles, the sales of two-wheelers observed a low of 15% (month-on-month) last month, selling 81,692 units in June compared to 96,017 bikes in May’23. Honda sold 75,056 bikes last month against 71,998 units in May. Whilst Suzuki sold 363 bikes in June compared to 820 in May. In the meantime, Yamaha sold 942 bikes last month contra 1,114 in May.
