ISLAMABAD (PEN) : The Oil and Gas Regulatory Authority (OGRA) has given Cnergyico Pakistan Limited (CPL) the green light to export 30,000 metric tonnes (MT) of surplus furnace oil, a result of significantly lower domestic consumption.
In a letter issued by OGRA, CPL has been granted permission to export the specified quantity of furnace oil between November 20 and December 10, 2024, with shipments to be made exclusively through the Kemari Port in Karachi.
CPL had requested this approval late last month, explaining that domestic demand for furnace oil had sharply declined, leading to an excess supply.
Exports of furnace oil have been a common occurrence this month, with the Pak Arab Refinery Limited (Parco) taking the lead in shipments earlier in November. This marks a growing trend of furnace oil exports, with Pakistan reaching a record 430,000 MT in exports during the first four months of the current fiscal year. This increase in exports reflects a sharp decline in local consumption, which has seen monthly shipments rise steadily: 116,000 MT in July, 66,500 MT in August, 114,000 MT in September, and 133,700 MT in October.
This shift in supply and demand dynamics is a significant moment for Pakistan’s energy sector, as the surplus furnace oil is now being redirected to international markets, highlighting both the country’s changing energy needs and its growing role in global fuel trade.
