The production of petroleum products in Pakistan has shown a notable increase of 3.82% during the July-February period of the fiscal year 2023-24.
In a recent report released by the Pakistan Bureau of Statistics (PBS), the production of petroleum products in Pakistan has shown a notable increase of 3.82% during the July-February period of the fiscal year 2023-24. The statistical indices soared to 92.74 from 89.33, comparing the same period from the preceding fiscal year of 2022-23.
However, amidst this overall growth, February 2024 saw a decline of 16.85% compared to February 2023 and a significant 18.99% decrease when compared to January 2023.
High-Speed Diesel Leads Growth, Registers 8.01% Increase
Among the petroleum products, high-speed diesel emerged as a frontrunner in growth, witnessing an impressive 8.01% surge. The output of high-speed diesel stood at 3.470 billion liters during the July-February 2023-24 period, compared to 3.213 billion liters in the corresponding period of the previous fiscal year. However, on a month-on-month (MoM) basis, high-speed diesel output experienced a notable decline of 15.59%.
Furnace Oil and Jet Fuel Oil Follow Suit
Furnace oil production also demonstrated a robust growth of 9.43%, reaching 1.705 billion liters in the July-February 2023-24 period, compared to 1.558 billion liters in the same period of 2022-23. Nevertheless, on both a MoM and year-on-year (YoY) basis, furnace oil recorded declines of 17.07% and 20.63%, respectively.
Conversely, jet fuel oil experienced a negative growth of 11.36%, with its production totaling 524.510 million liters in July-February 2023-24, in contrast to 591.745 million liters in July-February 2022-23.
Kerosene Oil Witnesses a Slight Dip
Kerosene oil, however, witnessed a marginal decline of 1.55% in production during the July-February 2023-24 period, remaining at 63.713 million liters compared to 64.719 million liters in the same period of the previous fiscal year.
Cement Production Suffers a 3.83% Decline
Apart from petroleum products, the PBS report also shed light on the cement production sector, which experienced a downturn. Cement production witnessed a 3.83% negative growth during the July-February 2023-24 period, with output dropping to 27.099 million tons compared to 28.177 million tons in the corresponding period of the previous fiscal year.
The fluctuations in petroleum product production and cement output are significant indicators of the economic dynamics within the country. The increase in petroleum product production, particularly in high-speed diesel and furnace oil, may signify heightened industrial activity, while the decline in cement production could indicate a slowdown in construction and infrastructure development projects.
As Pakistan navigates through these economic shifts, policymakers and industry stakeholders may need to closely monitor these trends to formulate appropriate strategies for sustainable growth and development.