Oil consumption up by 11 percent

KARACHI: The country’s oil consumption has increased by 11 percent in November, while oil consumption for the first five months of the current fiscal year stood at 8.4 million tons, up by five percent, , according to the provisional oil sales figures.

High-speed diesel volumes recorded an impressive growth of 13 percent during the month, it said. “This increase is mainly due to low base of last year as unprecedented rains and floods had subdued agricultural activities last year,” said Atif Zafar, an analyst at JS Global.

Motor gasoline (MOGAS) sales also surged by a significant 34 percent in November, owing to increased gas load-shedding in the country. Furnace oil consumption too jumped by 11 percent.

“Switching over to furnace oil by power utilities due to curtailment of gas is likely to be a major reason behind this increase,” said Zafar.

Company-wise breakup reveals that Attock Petroleum Limited (APL) continues to outperform the industry. The company recorded a growth of 59 percent in November. PSO also posted an impressive growth of 15 percent.

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