Local POL production dips by 8.35%

Local POL production dips by 8.35%

F.P. Report

ISLAMABAD: The overall production of petroleum commodities has witnessed a decrease of 8.35% during the fiscal year 2018-19 as compared to corresponding period of 2017-18.

The POL products that showed negative growth include Jet Fuel Oil the production of which decreased by 9.54 percent during the period under review, Pakistan Bureau of Statistics reported.

Similarly, the production of Kerosene Oil, High Speed Diesel, Furnace Oil, Jute Batching Oil and SolvantNaptha, witnessing decrease of 1.14 percent, 9.84 percent, 11.92 percent, 14.48 percent and 26.90 percent respectively. However, the production of Motor Spirit oil has increased by 3.22 per cent, Diesel oil 16.65  per cent, Lubricating oil 9.78 per cent and Liquefied Petroleum Gas 17.23 per cent during the period under review. On year-on-year basis, the petroleum production has decreased by 21.74 per cent during June 2019 as compared to the output of June 2018.

During the month under review, the production of jet fuel oil decreased by 5.4 percent, kerosene oil by 2.93 percent, motor spirits by 23.30 percent, high speed diesel by 29.12 percent and diesel oil by 33.28 percent.

Similarly, the production of furnace oil dipped by 10.96 percent, lubricating oil by 15.24 percent, jute batching oil by 74.19 percent, solvent naphtha by 11.31 percent and LPG by 6.21 percent. It is pertinent to mention here that the overall output of LSMI in the country during the fiscal year 2018-19 witnessed negative growth of 3.64% as compared to the output of the corresponding period of last year.

LSMI Quantum Index Number (QIM) was recorded at 143.04 points during July-June (2018-19) against 148.46 points during July-June (2017-18), showing a negative growth of 3.64 percent, according to the data released by the Pakistan Bureau of Statistics Tuesday.

The highest decrease of 2.83 percent was witnessed in the indices monitored by the Ministry of Industries, followed by 0.53 percent decline in the products monitored by the Oil Companies Advisory Committee while a decrease of 0.28 percent was witnessed in the indices monitored by the Provincial Board of Statistics.

On year-on-year basis, the LSMI production had witnessed about 5.05 % reduction during the month of June, 2019 as compared the same month of last year, where as it witnessed decline of 8.5 percent on month-on-month basis when compared to May, 2019.

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