KARACHI: Country’s overall oil sales outlook remained depressed in November and 5MFY23 due to a slowdown in economic activities, falling sales of automobiles and high oil prices.

Arif Habib Ltd while quoting data from the Oil Companies Advisory Council (OCAC) said that the total oil sales in November stood at 1.55 million tonnes versus 1.66m tonnes in October and 1.75m tonnes in November 2021 depicting a drop of 7pc month-on-month and 11.5pc year-on-year. The sales during 5MFY23 plunged by 20pc to 7.70m tonnes from 9.60m tonnes in the same period last fiscal year.

Petrol sales during November stood at 0.67m tonnes as compared to 0.68m tonnes in October and 0.70m tonnes recorded in November 2021. In 5MFY23, total petrol sales posted a fall of 16pc to 3.21m tonnes from 3.81m tonnes in the same period last fiscal year. With a drop of 6pc, diesel sales in November were 0.67m tonnes as compared to 0.71m tonnes the preceding month, while November 2021 sales were 0.81m tonnes, showing a decline of 18pc. Diesel sales in 5MFY23 registered a fall of 24pc to 2.84m tonnes from 3.74m tonnes in the same period last fiscal year.

Furnace oil (FO) sales came down by 33pc in November to 0.14m tonnes from 0.20m tonnes in October. There was a 22pc fall in FO sales if compared to 0.18m tonnes sold in November 2021.

Published in Dawn, December 3rd, 2022