Demand for oil products drops
KARACHI: The demand for monthly petroleum oil products has dropped to Covid-19 levels in December 2022, indicating that economic activities have slowed down to the times of the pandemic in the wake of exorbitant commodity prices and high inflation reading. “Pakistan’s demand for petroleum products dropped 11% to 1.33 million tons in December 2022, as compared to 1.5 million tons in the same month of the previous year,” local research houses reported citing data from the Oil Companies Advisory Council (OCAC) on Tuesday. The sales of petrol fell by 11% to 0.62 million tons, diesel demand dropped by 15% to 0.52 million tons, while sales of furnace oil reduced by 3% to 0.12 million tons in December, as compared to the same month of the previous year. Petrol is mostly used by bikers, three-wheelers and cars. Diesel is mostly used in agriculture, industries, railways and for road transportation. Furnace oil is used for electricity generation, mostly during the summer season. “Such...