Pakistan: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Pakistan

The Pakistani market for processed petroleum oils and distillates shrank to $X in 2022, with a decrease of -6.8% against the previous year. The market value increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Production of Processed Petroleum Oils and Distillates in Pakistan

In value terms, processed petroleum oils and distillates production declined to $X in 2022 estimated in export price. Overall, production continues to indicate a slight slump. The most prominent rate of growth was recorded in 2015 when the production volume increased by 15%. Processed petroleum oils and distillates production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Pakistan

After three years of decline, shipments abroad of processed petroleum oils and distillates increased by 185% to X tons in 2022. In general, exports, however, showed a sharp setback. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, processed petroleum oils and distillates exports skyrocketed to $X in 2022. Overall, exports, however, faced a significant contraction. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

South Korea (X tons) was the main destination for processed petroleum oils and distillates exports from Pakistan, accounting for a 39% share of total exports. Moreover, processed petroleum oils and distillates exports to South Korea exceeded the volume sent to the second major destination, Japan (X tons), threefold. Iran (X tons) ranked third in terms of total exports with a 9.5% share.

From 2012 to 2022, the average annual growth rate of volume to South Korea stood at -14.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-9.6% per year) and Iran (+0.4% per year).

In value terms, South Korea ($X) remains the key foreign market for processed petroleum oils and distillates exports from Pakistan, comprising 46% of total exports. The second position in the ranking was held by Japan ($X), with a 17% share of total exports. It was followed by China, with a 9.3% share.

From 2012 to 2022, the average annual growth rate of value to South Korea totaled -15.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-9.9% per year) and China (-10.3% per year).

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, dropping by -10.9% against the previous year. In general, the export price recorded a pronounced curtailment. The growth pace was the most rapid in 2021 when the average export price increased by 101%. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+0.3%), while the prices for the other major destinations experienced a decline.

Imports of Processed Petroleum Oils and Distillates

Imports into Pakistan

Processed petroleum oils and distillates imports into Pakistan reduced to X tons in 2022, falling by -7.3% compared with the previous year. In general, imports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of 153% against the previous year. Imports peaked at X tons in 2021, and then fell in the following year.

In value terms, processed petroleum oils and distillates imports surged to $X in 2022. Overall, imports, however, recorded a resilient increase. The pace of growth was the most pronounced in 2021 with an increase of 254% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest processed petroleum oils and distillates supplier to Pakistan, with a 49% share of total imports. Moreover, processed petroleum oils and distillates imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Kuwait (X tons), threefold. China (X tons) ranked third in terms of total imports with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates stood at +17.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Kuwait (+6.2% per year) and China (+91.8% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of processed petroleum oils and distillates to Pakistan, comprising 45% of total imports. The second position in the ranking was taken by Kuwait ($X), with a 17% share of total imports. It was followed by China, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United Arab Emirates stood at +17.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Kuwait (+5.6% per year) and China (+93.6% per year).

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, with an increase of 60% against the previous year. Overall, the import price recorded a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+7.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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