Pakistan’s lubricating oil demand fell in October at its fastest pace since pandemic-related lockdowns slashed consumption more than two years ago.Demand fell as a slowdown in global economic growth pressured industrial activity, while delayed crop sowing because of recent floods curbed activity in the agricultural sector.Lower lube consumption raised the prospect of cutting base oils requirements from domestic and overseas suppliers.But domestic base oils production rose in October. The trend raised the prospect of a rise in base oils exports from Pakistan to clear any surplus.Shipments from South Korea to Pakistan also rose in October. Supplies from Singapore stayed relatively low.The two countries are the main sources of Pakistan’s base oils imports.The country’s lube consumption of 10,610t in October fell by 10pc from the previous month and by 27pc from year-earlier levels, according to Oil Companies Advisory Council (OCAC)..Lube demand typically enjoys a seasonal boost in October from the previous month. The last time sales fell in October from September was five years ago.The year-on-year fall in demand was the steepest since April 2020, when lockdown measures were implemented to thwart the Covid-19 virus.Demand for transport lubricants fell by 36pc in October to a three-month low of less than 6,150t.The contraction mirrored a slump in Pakistan’s automobile sales and production.Auto sales fell by more than 30pc in October for a fourth straight month. The 65pc fall in tractor sales was the steepest since 2018.A slump in automobile production also weighed on Pakistan’s industrial output and consumption of industrial lubricants.Slowing output trimmed the country’s monthly economic indicator for October to its lowest in more than two years.Pakistan’s consumption of industrial lubricants fell for a second month in October, dipping by 20pc to less than 3,900t..Pakistan’s Sept base oils imports fall
Pakistan’s lubricating oil demand fell in October at its fastest pace since pandemic-related lockdowns slashed consumption more than two years ago.Demand fell as a slowdown in global economic growth pressured industrial activity, while delayed crop sowing because of recent floods curbed activity in the agricultural sector.Lower lube consumption raised the prospect of cutting base oils requirements from domestic and overseas suppliers.But domestic base oils production rose in October. The trend raised the prospect of a rise in base oils exports from Pakistan to clear any surplus.Shipments from South Korea to Pakistan also rose in October. Supplies from Singapore stayed relatively low.The two countries are the main sources of Pakistan’s base oils imports.The country’s lube consumption of 10,610t in October fell by 10pc from the previous month and by 27pc from year-earlier levels, according to Oil Companies Advisory Council (OCAC)..Lube demand typically enjoys a seasonal boost in October from the previous month. The last time sales fell in October from September was five years ago.The year-on-year fall in demand was the steepest since April 2020, when lockdown measures were implemented to thwart the Covid-19 virus.Demand for transport lubricants fell by 36pc in October to a three-month low of less than 6,150t.The contraction mirrored a slump in Pakistan’s automobile sales and production.Auto sales fell by more than 30pc in October for a fourth straight month. The 65pc fall in tractor sales was the steepest since 2018.A slump in automobile production also weighed on Pakistan’s industrial output and consumption of industrial lubricants.Slowing output trimmed the country’s monthly economic indicator for October to its lowest in more than two years.Pakistan’s consumption of industrial lubricants fell for a second month in October, dipping by 20pc to less than 3,900t..Pakistan’s Sept base oils imports fall