Islamabad: Consumption of petroleum products increased by 9.64% in 2016-17 as compared to the previous year because of China-Pak Economic Corridor (CPEC) activities, according to a news report. According to Pakistan Oil Report 2016-17 Oil Companies’ Advisory Council’s (OCAC) this has led to a higher import bill and pressure on the country’s two ports, the KPT Oil Piers at Keamari and the FOTCO at Port Qasim.
The demand will go up further due to increased CPEC activities in 2018. While crude prices remained stable during 2016-17 and Pakistan benefitted from the low prices, the growth in demand was a major challenge.
The Pakistan Oil Report 2016-17 is an annual report published since 1978 by OCAC. It provides data related to the downstream oil sector which includes refining, oil marketing and pipeline transportation.
