The demand for petroleum products in Pakistan decreased by 26% in the month of July of the fiscal year 2023, falling to 1442 kilotonnes (KT) from 1,938 KT as compared to the same period the previous year.
Ismail Iqbal Securities Limited reported this and made the information available. The research notes that lower sales of gasoline during the first month of the fiscal year 2022–23 were caused by a decline in petroleum demand brought on by rising petroleum product prices.
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.
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.
High-Speed Diesel (HSD), Motor Gasoline (MOGAS), and Furnace Oil were the three petroleum products that had the most significant decline in demand (FO).