Local POL production increase by 1.57% during July-October

Pakistan earns US $2123 million from IT services' export during FY 2020-21

ISLAMABAD, Dec 16 (APP): Overall production of petroleum commodities has witnessed an increase of 1.57 percent during the first four months of current financial year 2020-21 as compared to corresponding period of fiscal year 2019-20.

POL products that showed positive growth include Kerosene Oil the production of which increased by 21.38 percent during the period under review, Pakistan Bureau of Statistics (PBS) reported.

Similarly, the production of Motor Spirits, High Speed Diesel, Jute Batching Oil and Liquefied Petroleum Gas witnessing increase of 15.81 percent, 8.15 percent, 11.11 percent and 8.19 percent respectively.

However, the production of Jet Fuel Oil has decreased by 41.69 percent, Diesel oil 62.17 percent, Furnace oil 1.04 percent, Lubricating oil 27.20, Solvant Naptha 27.46 percent and petroleum product NOS 14.87 during the period under review.

On year-on-year basis, the petroleum production has witnessed decrease of 1.67 percent during October 2020 as compared to the output of October 2019.

During the month under review, the production of motor spirits increased by 9.41 percent, high speed diesels by 2.47 percent and LPG by 8.88 percent.

On the other hand, the production of jute fuel oil dipped by 38.83 percent, kerosene oil by 10.37 percent, diesel oil by 61.36 percent, furnace oil by 1.87 percent, lubricating oil by 2.38 percent, jute batching oil 34.62 percent and solvent naptha 26.15 percent.

It is pertinent to mention here that the overall output of Large Scale Manufacturing Industries (LSMI) in the country during the first four months of financial year 2020-21 witnessed positive growth of 5.46 as compared to the output of the corresponding period of last year.

LSMI Quantum Index Number (QIM) was recorded at 136.08 points during July-October (2020-21) against 129.04 points during July-October (2019-20), showing growth of 5.46 percent, according to the data released by the Pakistan Bureau of Statistics (PBS).

The highest increase of 3.74 percent was witnessed in the indices monitored by the Ministry of Industries, followed by 1.63 percent in the products monitored by the Provincial Board of Statistics (BOS) and an increase of 0.10 percent was witnessed in the indices monitored by the Oil Companies Advisory Committee (OCAC).