Sale of petroleum products drops 20%

KARACHI: The Oil Companies Advisory Council (OCAC) has confirmed that the sale of petroleum products has gone down by 20% across the country.

According to OCAC, the sales of petrol and diesel witnessed a 20% cut since June 1. However, it is too early to say if it was caused by the price increment.

According to the data shared by the council, the daily demand of petrol has come down from 25,000 to 20,000 metric tonnes and that of diesel has also reduced by 5,000 metric tonnes.

OCAC officials have it is also plausible that people had stockpiled the petroleum products before the price increase on June 3.

An exponential increase in petrol prices has been recorded over the last one month.

On May 27, the prices were increased by Rs30 per litre across all categories. This was the highest single increase in fuel prices in the country’s history.

On June 3, the government again hiked petrol prices by Rs30 to Rs209.86 per litre.

Then on June 16, the federal government jacked up petrol prices by Rs24.03 to Rs233.89 per litre in a third major price hike in less than 20 days.