Sales of petroleum products dropped to a six-and-a-half-year low at 4.42 million tons in the quarter ended September 30, 2019, as a contraction in industrial output. Moreover, this is the eighth successive quarter in which oil sales continued to fall in the country. Major decline in sales of furnace oil and high-speed diesel was also witnessed due to lack of requirement in power generation and drop in vehicle sales.
Government has continued to pass on an increase in the international oil prices to local consumers due to geopolitical tension. Major drop in market shares of Hascol Petroleum and other smaller oil marketing companies was observed whereas Pakistan State Oil and Attock regained their shares.
Source: Express Tribune