KARACHI: Pakistan imported 0.43 million metric tonnes (MTs) of high speed diesel (HSD) in the first four months of the current financial year after its demand surged during this period.According to oil industry data, HSD imports rose on the back of an uptick in economic activity as well as the harvesting season for Rabi crops in the country.
“These months usually see a surge in the demand for HSD due to the harvesting season,” a top official of a local refinery told The News. Some momentum in economic activity also pushed up HSD demand, which was met through local production as well as higher imports.
The country imported 45,030MTs in July, followed by 162,000MTs in August this fiscal year. HSD imports fell to 85,000MTs in September; however, they shot up to 144,000MTs in October.
HSD consumption increased significantly in October due to the harvesting season. Oil sales data showed HSD consumption grew 21 per cent in October compared to September this fiscal year. Cumulatively, HSD sales surged by 11 per cent in the first four months of the current fiscal year over the same period of the last fiscal year.
The data showed that all major oil marketing companies recorded growth in HSD sales. On an MoM basis, Pakistan State Oil (PSO) recorded 26 per cent growth, whereas Attock Petroleum Limited (APL) recorded 13 per cent growth. Wafi recorded 16 per cent growth and Hascol recorded 14 per cent growth in October compared to September this fiscal year.
The surge in HSD demand also led to higher production at local refineries. HSD production in the local refining sector was almost 75 per cent in October.The HSD offtake of Attock Refinery Limited was up by 9.2 per cent during October. Pak Arab Refinery Limited (Parco)’s upliftment of HSD recorded 62 per cent growth. Pakistan Refinery Limited (PRL)’s offtake rose by 5.0 per cent, and National Refinery Limited (NRL)’s offtake increased by 23 per cent during October. Cnergyico’s HSD offtake, however, was down by 43 per cent during the month.Overall refinery production surged 58.3 per cent YoY to 924,000 tonnes in the month under review on the back of significant demand for HSD along with petrol.
