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Pakistan Oil Demand Falls On Sluggish Industrial Activity, Prices


Pakistan’s oil consumption in the first six months of the current fiscal year (Jul 22-Jun 23) has been declining because of sluggish industrial activity, weak auto sales and high product prices, according to S&P Commodity Insights.

  • Oil sales during the period were at 9.03mn mt, compared with 11.10mn mt in the same period of the previous year, data from oil marketing companies and the Oil Companies Advisory Council showed.
  • "Pakistan's oil demand is likely to remain soft at least until the first quarter of 2023 and is likely to recover in the latter part of the year. Overall, we expect the 2023 Pakistan oil demand to grow on the year, although downside risks remain," Shreyans Baid, senior analyst at S&P Global, said.
  • The decline in demand was due to a drop in transportation fuels demand in July-September stemming from floods and a slower economic recovery in October-December.
  • This was exacerbated by higher oil prices owing to economic woes and likely led to a contraction in oil demand in 2022 from 2021 levels.

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