Oil demand sees a meagre rise in March

Amid rising smuggling of Iranian oil products and claims of eroding market share of oil marketing companies (OMCs), local oil sales rose four per cent year on year in March and 3pc month-on-month to settle at 1.15 million tonnes. However, oil sales during 9MFY24 fell by 11pc to 11.34m tonnes from 12.80m tonnes in the same period last fiscal year, according to Arif Habib Ltd (AHL) data. Both petrol and diesel sales clocked in at 0.57m tonnes and 0.46m tonnes in March, showing 5pc and 4pc growth month on month and 3pc and 17pc rise year on year. Furnace oil (FO) sales plunged by 11pc in March to 0.04m tonnes from 0.05m tonnes in February. However, March sales were 48pc lower than 0.09m tonnes in the same month last year.