HSD, motor spirit sales stand at 363,667, 363,210T in first fortnight of May

KARACHI: The Oil Companies Advisory Council (OCAC), the primary representative of the country’s downstream oil industry, has registered the sales of 363,667 tonnes of high-speed diesel and 363,210 tonnes of motor spirit during the first fortnight of May 2022.

Expressing concerns, OCAC Chairman Waqar Irshad Siddiqui said that the downstream oil sector of the country has always remained committed to the interests of the country and the people.

“This is evident from the fact that the sector remained relentless and continued fulfilling its national obligation of serving the nation, amid global energy shortage, impact on availability and prices of oil due to Russia-Ukraine conflict, a sharp rupee depreciation, the hike in POL product prices and limited credit facilities worsening the liquidity crunch of the oil marketing companies and refineries.”

Regarding the sales numbers for the first fortnight of May 2022, he said: “The sales figures for the month of April 2022 and the first fortnight of May 2022 represent a clear commitment of the OMCs to fulfil a surged demand due to the ongoing harvesting season, despite the havoc that has been created around the price hike, translating into speculative fuel buying.”

“Besides, the PDC payments are being processed by the government in a timely manner but despite that it further increases the financial constraints on enabling sustained oil imports to fulfil the overall fuel demand. With the monthly sales of 919,442 tonnes for high-speed diesel in April 2022, registering an increase of 17 per cent, compared with the same period of the last year and with the appreciable sales numbers for the first fortnight of May 2022, the downstream oil industry is positive towards fulfilling the country’s fuel needs with the support of the authorities concerned and ministries for the prosperity of the country,” he added.

With its manifold functions, the OCAC continues to represent the downstream oil industry at various fora, as well as coordinates with the ministries to ensure the continued viability of the sector.