26% has been declined in the month of July of the fiscal year 2023 in the demand for petroleum products in Pakistan, dropped to 1442 kilotonnes (KT) compared to 1,938 KT as compared to the same period of previous year.
This was disclosed in a report issued by Ismail Iqbal Securities Limited. The report reflects that the decrease in demand for petroleum due to the increasing price of petroleum products, which is the reason of lower sales of petrol during the first month of fiscal year 2022-23.
The decrease in the demand was mainly because of prominent decrease in all three petroleum products i.e High-Speed Diesel (HSD), Motor Gasoline (MOGAS), and Furnace Oil (FO).
In the last 18 years, July witnessed the lowest monthly sale of High-Speed Diesel (HSD) by a staggering 38% on MoM (month-over-month) basis, standing at 444 KT in July 2022 compared to 713 KT during the previous month. Similarly, MOGAS sales declined by 15% MoM(month-over-month) to 594 KT from 702 KT, whereas Furnace Oil (FO) sales dipped by 23% MoM (month-over-month) to 350 KT from 453 KT in June 2022.
The petroleum sales volume of almost all the Oil Marketing Companies (OMCs) has witnessed negative to meager growth rates as the retail market share of country owned Pakistan State Oil (PSO) declined by 2% MoM.
