Pakistan: Oil consumption down by 11pc
Monday, 20 February 2012 | 00:00
Oil consumption in the country declined by 11 percent in January 2012 to 1.46 million tons against 1.64 million tons in January 2011, reports JS Global Research.
“The major reason for the decline in consumption was the fall in sale of furnace oil (FO), which went down by 15 percent amid the circular debt,” said Atif Zafar, an analyst at JS Global.
Moreover, Jet fuel sales also went down by 54 percent, owing to the Pakistan government halting supplies to NATO forces in Afghanistan and withdrawing duty exemptions on oil exports to Afghanistan.
However, motor gasoline demand witnessed an increase of 25 percent because of enhanced CNG load-shedding in the country, despite a substantial increase of 23 percent in product price.
Source: The News
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