Another side for the Pakistani automotive industry is shining bright and scoring big numbers. As per a recent report by Arif Habib Limited (AHL), petrol sales hit a record high of 0.81 million tons in July 2021, posting a year-over-year increase of 12.5% compared to 0.72 million in the same month last year.
Other Petroleum Product Sales
In July, sales of all petroleum products summed up to 1.94 million tons, 10% higher than 1.66 million tons in the same month last year.
Sales of furnace oil came up to 0.37 million tons in July, 54% more than 0.24 million tons in July last year.
Sales of diesel came up to 0.72 million tons in the month of July 2021, 7% higher than 0.68 million tons in the same month of last year.
Factors Behind the Record Petroleum Sales
According to the State Bank of Pakistan, the growth of petrol sales is because of:
- Resumption of economic activities in the country,
- Surge in automobile sales,
- Improved transportation activities,
- Lower interest rates for car finance.
Thanks to the above factors, petrol sales are likely to continue to grow in the coming months.
Record-breaking car sales in July
We have recently found out about the all-time high car sales of Pak Suzuki and Toyota Indus. Suzuki sold 15,207 car units, and Toyota sold 6,775 cars in July. These numbers are the highest ever sales in both companies’ history.
Petrol sales are at an all-time high, and car sales are breaking all records. The Pakistani automobile industry is in full swing. However, with the recent announcement of COVID-19 restrictions in the country, public transportation will be reduced. This means the demand for oil products, and hence the petrol sales are likely to get hurt in August. Hope things get better in the country, so the lockdown restrictions are lifted soon.