Review of Petrol Prices in Pakistan

Review of Petrol Prices in Pakistan: Overall production of petroleum commodities has witnessed an increase of 2.35 percent during the first two 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 of which increased by 14.40 percent during the period under review, Pakistan Bureau of Statistics (PBS) reported.

Similarly, the production of Motor Spirits, Lubricating Oil, Solvant Naptha, Liquefied Petroleum Gas (LPG) and other petroleum products witnessing increase of 7.48 percent, 168.36 percent, 15.66 percent, 7.26 percent and 21.26 percent respectively.

However, the production of Kerosene Oil has decreased by 1.06 percent, High Speed Diesel 1.25 percent, Diesel Oil NOS 16.25 percent, Furnace Oil 7.84 percent and Jute Batching oil 41.61 percent during the period under review.

On year-on-year basis, the production of POL products has witnessed an increase of 8.83 percent during August 2021 as compared to the output of August 2020.

During the month under review, the production of Jet Fuel Oil increased by 17.83 percent, Kerosene Oil 0.40 percent, Motor Spirits 16.77 percent, high Speed Diesel by 3.15 percent, Diesel Oil NOS by 3.37 percent, Furnace Oil by 0.54 percent, Lubricating Oil by 224.91 percent, Solvent Naptha by 19.86 percent, LPG 3.35 percent and Petroleum Products NOS by 84.85 percent.

However, the production of Jute Batching Oil decreased by 100 percent during August 2021 as compared to August 2020.

It is pertinent to mention here that the overall output of Large Scale Manufacturing Industries (LSMI) in the country during the first two months of financial year 2021-22 witnessed positive growth of 7.26 as compared to the output of the corresponding months of last year.

LSMI Quantum Index Number (QIM) was recorded at 139.38 points during July-August 2021-22 against 129.95 points during July-August 2020-21, showing growth of 7.26 percent.

The highest increase of 4.31 percent was witnessed in the indices monitored by the Ministry of Industries, followed by 2.81 percent increase in indices monitored by the Provincial Boards of Statistics (PBoS) and 0.14 percent indices monitored by Oil Companies Advisory Committee.