Home Business Auto gross sales surge, petrol gross sales hit historic excessive in tandem

Auto gross sales surge, petrol gross sales hit historic excessive in tandem

by News Updater
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KARACHI: Brisk auto gross sales pushed petrol gross sales to an all-time excessive of 0.81 million tonnes in July 2021, up 12.5 per cent year-on-year (YoY) and 4pc month-on-month (MoM).

Total, oil business gross sales swelled by 16computer YoY to 1.94 million tonnes in July from 1.66m tonnes in the identical month final yr.

Excessive velocity diesel (HSD) gross sales grew by 7pc to 0.72m tonnes in July 2021 from 0.68m tonnes in July 2020. Nevertheless, HSD gross sales fell by 7pc to 0.78m tonnes in June 2021 in comparison with July 2021 determine.

Furnace oil (FO) gross sales posted a whooping progress of 54computer to 0.37m tonnes from 0.24m tonnes in July 2020. On MoM foundation, FO gross sales grew by 8pc.

Head of Analysis at Pak Kuwait Funding Samiullah Tariq mentioned a large drop in smuggling of Iranian petrol both due to points in Iran or strict border vigilance by the Pakistani authorities has boosted demand of native petrol.

Citing one more reason for rising petrol gross sales, he mentioned numerous folks had opted for travelling to the northern areas in July. On FO gross sales progress, he mentioned that LNG points had stored the demand up for the gas.

Head of Analysis at Arif Habib Restricted (AHL) Tahir Abbas mentioned one of many foremost causes of thriving petrol gross sales in July was rising gross sales of automobiles adopted by rising travelling of individuals to northern areas by street.

“Many FO-based power plants had resumed their operations in July 2021. Suspension of RLNG supply in the first week of July also pushed up FO sales for power generation,” he added.

The auto gross sales image is more likely to grow to be clearer after the discharge of July 2021 gross sales knowledge by the Pakistan Automotive Manufactures Affiliation (PAMA) within the second week of this month.

In the meantime, Indus Motor Firm (IMC) CEO Ali Asghar Jamali mentioned, “IMC has achieved record breaking sale of 6,775 units in July 2021 – the highest since its inception in 1993.”

As per PAMA knowledge, automobile gross sales had jumped by 56.7pc in FY21 to 151,182 items from 96,455 items in FY20. Reduce within the worth of automobiles attributable to decreasing of taxes and duties by the federal government has additionally fueled extra auto demand adopted by document excessive auto-financing of Rs308 billion as of June 2021 owing to low rates of interest.

Hovering two-wheelers gross sales have additionally been jacking up petrol demand. In line with figures of Giant Scale Manufacturing (LSM), complete bike manufacturing in July-Might FY21 rose by 41computer to 2.282m items from 1.623m items in the identical interval final fiscal.

Revealed in Daybreak, August third, 2021



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