Oil consumption declined 11% to 1.6 million tons in March on the back of circular debt and disconnection of Nato supply.
Furnace oil, the highest selling fuel, fell 20% while jet fuel dropped 48%, read a JS Global Capital research note. However, petrol sales increased by 20% to 239,000 tons due to enhanced CNG outages in the country.
The third quarter of the financial year has proved to be lean, with oil consumption falling 10%, adds the note.
Published in The Express Tribune, April 11th, 2012.