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Production Of Petroleum Products Increases Nationally 6.34% in February

ISLAMABAD: The production of petroleum products witnessed an increase of 6.34 percent during the month of February 2022 as compared to the corresponding month of last year (February 2021), Pakistan Bureau of Statistics (PBS) reported.

The petroleum products that contributed in positive growth in production included jet fuel, the output of which increased by 27.29 percent.

Likewise, the production of kerosene oil increased by 8.53 percent, motor spirits by 5.39 percent, high speed diesel by 6.94 percent, furnace oil by 2.02 percent, lubricating oil by 5.9 percent, jute batching oil by 18.86 percent, solvent naptha by 18.55 percent, and LPG by 2.64 percent.

The commodities that witnessed negative growth in production included diesel oil, the output of which went down by 68.48 percent while the output of all other petroleum products declined by 7.84 percent.

Meanwhile, the overall production of petroleum commodities during July-February (2021-22) witnessed an increase of 0.30 percent as compared to the corresponding period of fiscal year (2020-21).

During this period, the production of jet fuel went up by 27.53 percent, kerosene oil by 21.96 percent, diesel oil by 11.73 percent, lubricating oil by 14.86 percent, jute batching oil by 30.71 percent, solvent naptha by 14.42 percent and LPG by 3.97 percent.

The commodities that witnessed negative growth in production during July-February (2021-22) included, motor spirits, output of which declined by 0.49 percent while the output of high speed diesel declined by 1.25 percent and furnace oil by 8.65 percent.

It is pertinent to mention here that the overall production of Large Scale Manufacturing Industries (LSMI) grew by 4.6 percent during the first eight months of the current fiscal year (2021-22) as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported Friday.

The LSMI Quantum Index Number (QIM) was recorded at 156.9 points during July-February (2021-22) against 150.0 points during July-February (2020-21), showing growth of 4.6 percent, according to latest PBS data.

The highest increase of 3.8 percent during July-February (2021-22) was witnessed in the indices monitored by the Ministry of Industries, followed by 0.8 percent increase in indices monitored by Provincial Board of Statistics (BOS) and however no increase witnessed in the products monitored by the Oil Companies Advisory Committee (OCAC).

On year-on-year basis (YoY), the industry rose by 8.4 percent during the month of February 2022 compared to the growth of February 2021, according to PBS latest data.

The provisional QIM is being computed on the basis of the latest production data received from sources, including OCAC, Ministry of Industries and Production (MoIP), and PBS.

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