Historic decline in sale of diesel, petrol.

The sale of petroleum products, especially diesel and petrol, has registered a massive decline in July - the highest drop in 18 years.

Rising fuel prices and eroding the buying power of people in the face of nearly 25% inflation are two major factors while monsoon rains and contracting economy also contributed to the drop, according to the industry and market sources.

Oil industry data shows that in July 1,442,000 tonnes of petroleum products were sold across the country - at least 26% lower than the sale in June.

Oil Companies Advisory Committee revealed that the sale of high-speed diesel fell by 38% while petrol sales declined by 27%. High octane sales registered a drop of 19% and furnace oil 5% compared to June 2022.

The state-run Pakistan State Oil (PSO) continued to be the market leader with a 47% market share. However, its sales dropped by 2%.

The market share of Shell Pakistan stood at 10%, Attock Petroleum Limited 10%, Hascol 1%, Total Parco 12%, and Byco...