Oil climbs 1% after US crude stocks signal tighter supply

POL production increases 6.34% in February

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Islamabad: According to the Pakistan Bureau of Statistics (PBS), the production of petroleum products increased by 6.34% in February 2022 compared to the same period last year (February 2021).

Petroleum products contributing to the positive growth in production included jet fuel, which increased by 27.29%.

Similarly, kerosene production increased by 8.53%, motor gasoline by 5.39%, high-speed diesel by 6.94%, furnace oil by 2.02%, lubricating oil by 5.9%, jute blend oil by 18.86%, solvent naphtha by 18.55%, and liquefied oil by 18.55%. LPG 2.64%.

Commodities with negative growth included diesel, of which diesel output decreased by 68.48%, and other petroleum products decreased by 7.84%.

Meanwhile, overall production of petroleum commodities in July-February (2021-22) increased by 0.30% compared to the same period in the fiscal year (2020-21).

During the same period, jet fuel increased by 27.53%, kerosene increased by 21.96%, diesel increased by 11.73%, lubricating oil increased by 14.86%, jute oil increased by 30.71%, naphtha increased by 14.42%, and liquefied petroleum gas increased by 3.97%.

Commodities with negative output growth in July-February (2021-22) include automotive oil, which fell by 0.49%, high-speed diesel output by 1.25%, and furnace oil output by 8.65%.

It is pertinent to mention here that the overall production of Large Scale Manufacturing Industries (LSMI) grew by 4.6 percent during the first eight months of the current fiscal year (2021-22) as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported Friday.

The LSMI Quantum Index Number (QIM) was recorded at 156.9 points during July-February (2021-22) against 150.0 points during July-February (2020-21), showing growth of 4.6 percent, according to latest PBS data.

The highest increase of 3.8 percent during July-February (2021-22) was witnessed in the indices monitored by the Ministry of Industries, followed by 0.8 percent increase in indices monitored by Provincial Board of Statistics (BOS) and however no increase witnessed in the products monitored by the Oil Companies Advisory Committee (OCAC).

On year-on-year basis (YoY), the industry rose by 8.4 percent during the month of February 2022 compared to the growth of February 2021, according to PBS latest data.

The provisional QIM is being computed on the basis of the latest production data received from sources, including OCAC, Ministry of Industries and Production (MoIP), and PBS.

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