Petroleum Consumption Increases By 17.6% In Nine Months

ISLAMABAD, (UrduPoint / Pakistan Point News - 10th Jun, 2021 ) :The country's consumption of petroleum products has increased from 12.5 million ton (MT) to 14.7 MT during first nine months (July-March) of the current fiscal year, posting a growth of around 17.6 percent.

According to the Economic Survey 2020-21 launched by Minister for Finance and Revenue Shaukat Tarin here at a press conference, the crude oil's local extraction and imports reached 68.9 Million Barrels (MBL) in Jul-Mar 2021 from 58.6 MBL in corresponding period of the last year.

While share of import remained 48.2 MBL oil as compared to 38.

8 MBL of same period of last year.

The government has added oil storage of 38,579 metric tons in the country's logistics during the period of Jul-Mar at the cost of Rs5,786.8 million.

During the period under review, as many as four licences for construction and one licence for operation of Lube Oil Blending, Reclamation and Grease Plants were issued.

Similarly, five licences were granted for setting up Lubricant Marketing Company (LMC) and three operational licenses for LMCs. These provisions of licences would enhance the domestic supply of crude oil and will decrease import bill.