Petroleum Products Witness Nominal Decline In Production

ISLAMABAD,(UrduPoint / Pakistan Point News - 21st july,2016) : The petroleum production has witnessed nominal decline of 0.05 percent during the eleven months of the fiscal year 2015-16, compared to the corresponding period of last year. The petroleum products that witnessed negative growth in production during July-May (2015-16) included kerosene oil, production of which decreased by 16.58 percent, according to data of Pakistan Bureau of Statistics (PBS). Similarly, the production of High Speed Diesel decreased by 1.47 percent, diesel oil by 38.03 percent, furnace oil by 0.28 percent, jute batching oil by 29.84 percent and Solvent Naptha by 9.09 percent . The petroleum products that witnessed positive growth in production included Jet Fuel Oil, production of which grew by 4.14 percent during the period while the output of Motor Spirits grew by 0.60 percent, Lubricating oil by 12.66 percent, LPG by 15.03 percent and petroleum products by 42.56 percent. Meanwhile, on year-on-year basis, the production of petroleum products decreased by 19.37 percent in May 2016 compared to the production of May 2015. The products that witnessed decreased in production during the month of May 2016 included Jet Fuel Oil, production of which declined by 23.03 percent while the output of kerosene oil decreased by 30.63 percent, motor spirits by 7.82 percent and high speed diesel by 21.

15 percent. Similarly, the production of diesel oil decreased by 71.93 percent, furnace oil by 21.92 percent, jute batching oil by 41.25 percent, solvent naptha by 36.43 percent and LPG by 1.36 percent. During the month of May the production of Lubricating oil increased by 7.02 percent and the output of other petroleum products also went up by 24.21 percent. Meanwhile, the overall Large Scale Manufacturing (LSM) sector has witnessed growth of 3.45 per cent during the first 11 months of the year 2015-16 as compared to the corresponding period of last year. The Quantum Index Numbers (QIM) of large scale manufacturing industries was recorded at 132.80 points during July-May (2015-16) against 128.37 points during same period of last year, according the data of Pakistan Bureau of Statistics (PBS). The highest growth of 2.21 percent was witnessed in the indices monitored by Ministry of Industries followed 1.24 percent increase in indices of Provincial Bureaus of Statistics (PBOS) while the indices of Oil Companies Advisory Committee (OCAC) decreased by 0.003 percent. On year-to-year basis, the industrial growth however decreased by 1.49 percent during May 2016 as compared to same month of last year while on month-to-month basis, the industrial growth decreased by 3.47 percent during May 2016 when compared to growth of April 2016, the data revealed.