KARACHI: Pakistan oil sales have increased by 26 percent Year on Year (YoY) to 1.93 million tons in September 2021 as compared with 1.52 tons in the same month of the last year, a report suggested on Friday.
The same is likely to remain largely similar on a Month on Month (MoM) basis due to rising pump prices, lower transportation activity, and lower furnace oil demand, according to analysts at Topline Securities.
In the first quarter of the current fiscal year, Pakistan oil sales are likely to clock in at 5.8 million tons, which will be the highest quarterly sales since the fourth quarter of fiscal year 2017/2018.
Growth in oil sales in September 2021 has mainly been driven by higher petrol and High Speed Diesel (HSD) sales that were up by 23 percent YoY and 46 percent YoY, respectively. This has been on account of increased economic activity and rising car and bike sales. Furnace Oil sales also increased by 8 percent YoY to 0.4 million tons.
Company wise data shows that Pakistan State Oil (PSO), Shell Pakistan (SHEL) and Attock Petroleum (APL) remained major gainers whereas Hascol Petroleum (HASCOL) lost market share.
PSO sales improved by 39 percent YoY to 1.0 million tons as the company continued to witness higher sales in all fuel segments with its market share increasing to 50 percent in September 2021 as against 46 percent in September 2020.
SHEL also reported a 32 percent YoY increase in sales, while APL sales were also up by 22 percent YoY to 0.2 million tons. On the other hand, HASCOL’s sales declined by 57 percent YoY.
The analysts expect Pakistan oil sales to remain strong and anticipate sales growth of around 15-20 percent in fiscal year 2021/2022.
