Refineries suffer from low capacity utilisation mainly due to weak furnace oil demand

Pakistan has already spent record $12.9b on buying crude oil, refined products in FY22

FDI, remittances, exports not enough to prevent current account deficit from rising to $11.6b

Steps can be taken to lift output of oil, gas, refined petroleum products to cut imports

Increase in domestic production by 50% can mitigate impact of lofty crude prices

Private sector must be engaged to tackle unemployment in country

As refiners modernise plants, petrol and diesel output will climb meaningfully

Investors may be reluctant to invest in oil refineries due to impact of pandemic, shift to EVs