KARACHI: Total oil sales in the country increased by 11% to 9,742 million tonnes in 6MFY21 due to a significant rise in furnace oil (FO) led by a growing trend in petrol and high-speed diesel (HSD) sales, signalling an improvement in economic activity.
In the first half of 2020-21, furnace oil sales clocked at 1,626 m tonnes, up by 38 percent, while petrol and HSD sales stood at 4,103 m tonnes and 3,743 m tonnes, up by seven and 11 pc compared to the FY20 era from July to December.
Total oil sales increased by 16pc in December year-on-year, powered by FO demand, according to Syed Fawad Bashir at Topline Securities, whose sales swelled by 108pc to 240,000 tonnes due to strong demand from the power sector due to gas shortages during the winter and overall recovery in economic activities after improvement in the situation of Covid-19.
In December, HSD and petrol sales stood at 622,000 tonnes and 673,000 tonnes, representing a leap between 13 percent and five percent.
Growing HSD and petrol can be due to rising vehicle sales to rapid automotive sales coupled with increasing export and import products movement and positive factory output pattern as per large-scale production estimates (LSM).
During 6MFY21, exports from the country rose by 4.9pc to $12.104bn, while LSM reported a rise of 5.46pc during July-October 2020-21.