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Local POL production increase by 2.75% in Q1 - Inside Financial Markets

Local POL production increase by 2.75% in Q1

– Associated Press of Pakistan

Overall production of petroleum commodities has witnessed an increase of 2.75 percent during the first quarter (Q1) of financial year 2020-21 as compared to corresponding period of 2019-20.

POL products that showed positive growth include Kerosene Oil the production of which increased by 35.35 percent during the period under review, Pakistan Bureau of Statistics (PBS) reported.

Similarly, the production of Motor Spirits, High Speed Diesel, Jute Batching Oil and Liquefied Petroleum Gas witnessing increase of 18.04 percent, 10.20 percent, 35.75 percent and 7.95 percent respectively.

However, the production of Jet Fuel Oil has decreased by 42.68 percent, Diesel oil 62.43 percent, Furnace oil 0.73 percent, Lubricating oil 40.01, Solvant Naptha 27.99 percent and petroleum product NOS 17.35 during the period under review.

On year-on-year basis, the petroleum production has witnessed decrease of 2.84 percent during September 2020 as compared to the output of September 2019.

During the month under review, the production of kerosene oil increased by 13.45 percent, motor spirits by 5.38 percent, jute batching oil by 52.86 percent and LPG by 9.65 percent.

On the other hand, the production of jute fuel oil dipped by 36.52 percent, high speed diesel by 1.94 percent, furnace oil by only one percent, lubricating oil by 22.44 percent and solvent naptha 12.32 percent.

It is pertinent to mention here that the overall output of Large Scale Manufacturing Industries (LSMI) in the country during the first quarter (Q1) of financial year 2020-21 witnessed positive growth of 4.81 as compared to the output of the corresponding period of last year.

LSMI Quantum Index Number (QIM) was recorded at 133.02 points during July-September (2020-21) against 126.92 points during July-September (2019-20), showing growth of 4.81 percent, according to the data released by the Pakistan Bureau of Statistics (PBS).

The highest increase of 2.98 percent was witnessed in the indices monitored by the Ministry of Industries, followed by 1.66 percent decline in the products monitored by the Provincial Board of Statistics (BOS) and an increase of 0.17 percent was witnessed in the indices monitored by the Oil Companies Advisory Committee (OCAC).

Syed Zaki Hussain

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