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Local POL production increases by 1.50pc during July-November
Oil pumps in operation at an oilfield near central Los Angeles on February 02, 2011. World oil prices recently rallied close to $100 per barrel, as traders absorbed impressive fourth-quarter US economic growth and fretted over worsening political turmoil in Egypt. Most other commodity markets also won support this week from news that the US economic recovery picked up speed in the last three months of 2010, stoking hopes of strengthening demand for raw materials. The US economy grew at its fastest clip in five years in 2010, the Commerce Department reported, as the country bounced back from recession and fears of a double-dip recession ebbed. AFP PHOTO/Mark RALSTON (Photo credit should read MARK RALSTON/AFP/Getty Images)

Local POL production increases by 1.50pc during July-November

ISLAMABAD: Overall production of petroleum commodities has witnessed an increase of 1.50 percent during the first five 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 3.76 percent during the period under review, Pakistan Bureau of Statistics (PBS) reported.

Similarly, the production of Motor Spirits, High Speed Diesel, Furnace oil, Jute Batching Oil and Liquefied Petroleum Gas witnessing increase of 16.13 percent, 7.16 percent, 0.97 percent, 5.85 percent and 5.98 percent respectively.

However, the production of Jet Fuel Oil has decreased by 41.55 percent, Diesel oil 61.77 percent, Lubricating oil 16.18 percent, Solvant Naptha 28.18 percent and petroleum product NOS 14.79 during the period under review.

On year-on-year basis, the petroleum production has witnessed an increase of 1.17 percent during November 2020 as compared to the output of November 2019.

During the month under review,the production of motor spirits increased by 17.30 percent, high speed diesels by 3.13 percent, furnace oil by 9.23 percent and lubricating oil by 24.96 percent.

On the other hand, the production of jute fuel oil dipped by 41.04 percent, kerosene oil by 42.82 percent, diesel oil by 58.49 percent, jute batching oil 13.92 percent, LPG by 1.26 percent, petroleum NOS by 14.49percent and solvent naptha 31.32 percent.

It is pertinent to mention here that the overall output of Large Scale Manufacturing Industries (LSMI) in the country during the first five months of financial year 2020-21 witnessed positive growth of 7.41 as compared to the output of the corresponding period of last year.

LSMI Quantum Index Number (QIM) was recorded at 138.52 points during July-November (2020-21) against 128.97 points during July-November (2019-20), showing growth of 7.41 percent, according to the data released by the Pakistan Bureau of Statistics (PBS).

The highest increase of 5.46 percent was witnessed in the indices monitored by the Ministry of Industries, followed by 1.85 percent in the products monitored by the Provincial board of Statistics (BOS) and an increase of 0.09 percent was witnessed in the indices monitored by the Oil Companies Advisory Committee (OCAC).