Pakistan’s FY 2022-23 oil consumption declines amid high prices, industrial slowdown

Pakistan’s consumption of petroleum products fell by a sharp 27% year on year in the fiscal year ended June 30 on the back of a sluggish industrial cycle, illegal imports and surging global oil prices, with the trend unlikely to reverse anytime soon, according to official data, analysts and industry sources. Consumption fell to 16.61 million mt in 2022/23 (July-June)…