High prices reduce oil demand
KARACHI: Demand for petroleum products fell 7% to 1.24 million tonnes in December 2023, driven by higher petrol and diesel prices and a significant reduction in consumption of expensive furnace oil at power plants. Citing data from the Oil Companies Advisory Council (OCAC), local research houses said demand for petroleum products was 1.34 million tonnes in the same month last year. Cumulatively, in the first half (July-December) of the current fiscal year, consumption of petroleum products fell by 15% to 7.69 million tons against 9.03 million tons in the corresponding period last year. Speaking to The Express Tribune, Akseer Research


