Local POL production increase

Overall production of petroleum commodities has witnessed an increase of 7.33 percent during the first four months of current financial year 2021-22 as compared to corresponding period of fiscal year 2020-21.

The Petroleum, Oil and Lubricants (POL) products that showed positive growth include Jet Fuel Oil the production increased by 28.35 percent during the period under review, Pakistan Bureau of Statistics (PBS) reported.

During July-October (2021-22), the production of Kerosene Oil, Motor Spirits, High Speed Diesel, Diesel Oil NOS, Lubricating Oil, Jute Batching Oil, Solvent Naptha, Liquefied Petroleum Gas (LPG) and other petroleum products witnessing increase of 5.57 percent, 8.58 percent, 4.98 percent, 25.55 percent, 57.97 percent, 2.12 percent, 20.69 percent, 11.62 percent and 20.89percent respectively.

However, the production of Furnace Oil has decreased by 0.62 percent during the period under review. On year-on-year basis, the production of POL products has also witnessed an increase of 14.75 percent during October 2021 as compared to the output of October 2020.

During the months under review, the production of Jet Fuel Oil increased by 55.28 percent, Kerosene Oil 16.85 percent, Motor Spirits 16.01 percent, high Speed Diesel by 11.21 percent, Diesel Oil NOS by 41.77 percent, Furnace Oil by 11.09 percent, Jute Batching Oil by 54.41, Solvent Naptha by 28.75 percent, LPG 9.44 percent and Petroleum Products NOS by 29.21 percent.

However, the production of Lubricating Oil has decreased by 7.68 percent, the data added. It is pertinent to mention here that the overall output of Large Scale Manufacturing Industries (LSMI) in the country during the first four months of financial year 2021-22 witnessed positive growth of 3.56 percent as compared to the output of the corresponding months of last year.

LSMI Quantum Index Number (QIM) was recorded at 140.50 points during July-October 2021-22 against 135.66 points during July-October 2020-21, showing growth of 3.56 percent.

The highest increase of 2.26 percent was witnessed in the indices monitored by the Ministry of Industries, followed by 0.88 percent increase in indices monitored by the Provincial Boards of Statistics (PBOS) and 0.43 percent indices monitored by Oil Companies Advisory Committee (OCAC).