Petroleum consumption contracts sharply

High oil prices, massive drop in auto sales, low power generation and economic slowdown restricted the country’s overall oil products sales which declined by nine per cent in March and 21pc during the first nine months of the current fiscal year (9MFY23). According to Nasheed Malik of Topline Securities, this is the lowest monthly sales figure in 35 months, since February-April 2020. Oil sales in March this year stood at 1.1 million tonnes compared to 1.22m tonnes in February and 1.82m tonnes in March last year. Total sales in 9MFY23 declined to 12.80m tonnes from 16.26m tonnes during the same period last year. Petrol sales, however, inched up by one per cent in March to 0.56m tonnes from 0.55m tonnes in February but remained 28pc lower than 0.77m tonnes in March 2022. Total petrol sales in 9MFY23 fell to 5.59m tonnes from 6.68m tonnes, down 16pc from 9MFY22.