Production of petroleum products in Pakistan increases by 6.49%

KARACHI: According to the most recent statistics made public by the Pakistan Bureau of Statistics (PBS), there has been a considerable increase in the output of petroleum products. Specifically, during the first five months of the fiscal year 2024, there was a notable YoY growth of 6.49 percent.

The expansion shown in a number of important goods highlights the strong momentum in the Petroleum and Oil Lubricants (POL) industry.

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Contributing to this spike were kerosene oil, motor spirits, high-speed diesel, diesel oil n.o.s., furnace oil, LPG, and 5.18 percent, 5.18 percent, 12.52 percent, 40.08 percent, 14.73 percent, and 4.43 percent YoY, in that order.

Conversely, certain items experienced a decline in production, which was indicative of unfavorable growth patterns. The YoY reductions in jet fuel oil, lubricating oil, jute batching oil, solvent naptha, and petroleum products n.o.s. were 12.45%, 35.65%, 20.49%, 3.62%, and 11.78%, respectively.

When examining the monthly results, it can be seen that petroleum product production increased significantly in November, rising 2.77 percent month over month (MoM).

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This upward trend emphasizes the industry’s adaptability and durability, which benefits the economy as a whole.

These numbers, according to industry analysts, might have an impact on the energy sector and other economic indicators. This emphasizes the importance of closely watching and analyzing the data in the upcoming months.

Policymakers and industry stakeholders use the PBS data as a critical point of reference to guide strategic decisions and develop a thorough grasp of the changing dynamics within the petroleum sector.