The dip in petrol consumption

Ants truly are extraordinary creatures, with behaviour that is particularly remarkable in adversity. When faced with floods, they don’t falter; they float. Forming rafts with their bodies, they expertly navigate waters that would otherwise drown them. This ingenuity offers a valuable lesson in resourcefulness for Pakistan’s policymakers as they steer through the country’s tough economic landscape. The Pakistani economy is currently facing its own flood of challenges, impacting everyone from major corporations to daily wage earners. This is underscored by recent data from the Pakistan Bureau of Statistics, revealing a troubling picture. Industrial activity remains subdued, as highlighted by the latest Large Scale Manufacturing Index, which shows a nearly 1 per cent decline for the July to November period compared to the previous year. Meanwhile, consumers are grappling with soaring inflation, persistently hovering around 30pc. The state of business activities is further mirrored in the import and consumption trends of crude oil and refined petroleum products, which fluctuate with economic cycles. In the last half of 2023, Pakistan’s petroleum import volumes saw a sharp decrease of about 24pc compared to the same period in the previous year, as per a report from a leading brokerage firm. Notably, imports of High-Speed Diesel (HSD), often a gauge for industrial activity, fell by 36pc, while petrol imports saw a 5pc reduction.