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Summary Petroleum products consumption in Pakistan went down by 20.2 percent during Sep-11.
Petroleum consumption during the month of Sep-11 has been recorded as lowest since Feb-10 with total volumes standing at 1.38 million tones.The nominal growth in cumulative volumes has been primarily on the back of massive decline in furnace oil 37% and diesel 7% volumes in Sep-11. Local refineries improved their share in the products’ local-import mix, as 61% of the country’s petroleum consumption demand was met through imports as compared to 65% in 1QFY11.The decline can partly be attributed to continuous spells of rainfalls followed by flood in the Sindh province. In this regard, HSD’s volume was affected, followed by decline in FO consumption amid acute liquidity crunch making FO importers unable to provide product on time for consumption (PSO with massive 40%MoM decline in FO vol). This is also evident from the fact that country’s petroleum products import is also down 29 percent MoM in Sep-11.
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