In a positive development, petroleum production in Pakistan witness increase

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In a positive development, petroleum production in Pakistan witness increase

ISLAMABAD - The overall production of petroleum commodities has witnessed an increase of 5.01 percent during the first half of financial year 2020-21 as compared to corresponding period of last year.

The Petroleum, Oil and Lubricants (POL) products that showed growth including kerosene oil production, which increased by 3.83 percent during the period under review, Pakistan Bureau of Statistics (PBS) reported.

Similarly, the production of Motor Spirits, High Speed Diesel, Furnace Oil, Jute Batching Oil and Liquefied Petroleum Gas (LPG) witnessing increase of 18.54 percent, 9.74 percent, 6.52 percent, 4.17 percent and 6.39 percent respectively.

However, the production of Jet Fuel Oil has decreased by 37.69 percent, Diesel oil 57.21 percent, Lubricating oil 5.05, Solvent Naptha 21.15 percent and petroleum product NOS 14.18 during the period under review.

On year-on-year basis, the production of POL commodities has witnessed an increase of 23.91 percent during December 2020 as compared to the output of December 2019. During the month under review, the production of kerosene oil increased by 4.46 percent, motor spirits by 30.17 percent, high speed diesel by 23.56 percent, furnace oil by 40.09 percent, jute batching oil by 62.76, solvent naptha by 39.28 percent and LPG by 8.17 percent.

On the other hand, the production of jet fuel oil dipped by 17.92 percent, diesel oil by 11.99 percent, jute batching oil by 5.15 percent and petroleum products NOS by 11.63 percent.

It is pertinent to mention here that the overall output of Large Scale Manufacturing Industries (LSMI) in the country during the first half of financial year 2020-21 witnessed growth of 8.16 percent as compared to the output of the corresponding period of last year.

LSMI Quantum Index Number (QIM) was recorded at 143.30 points during July-December (2020-21) against 132.49 points during July-December (2019-20), showing growth of 8.16 percent, according to the data released by the Pakistan Bureau of Statistics (PBS).

The highest increase of 6.23 percent was witnessed in the indices monitored by the Ministry of Industries, followed by 1.63 percent decline in the products monitored by the Provincial Board of Statistics (BOS) and an increase of 0.29 percent was witnessed in the indices monitored by the Oil Companies Advisory Committee (OCAC).