Pakistan oil sales jump up by 26% in August

Pakistan oil sales jump up by 26% in August

KARACHI: Pakistan’s domestic oil sales have jumped up by 26 percent to 1.97 million tons, which is the highest since May 2018.

Analysts at Topline Securities said that oil sales are also up 1 percent Month on Month (MoM), whereas oil sales during the first two months of the fiscal year 2021/2022 clocked in at 3.9 million tons, up 22 percent YoY. 

Furnace oil sales improved by 63 percent YoY to 0.5 million tons in Aug-2021 primarily led by rising LNG prices and shortage in world LNG supply which is an alternative fuel for FO.

Growth in oil sales is also fueled by economic recovery as last year’s sales were mainly impacted by lockdowns and economic slowdown.

Consequently, MOGAS (MS) and High-Speed Diesel (HSD) sales are up 6 percent YoY and 32 percent YoY, respectively. Strong auto sales have also led to growth in these categories during the period under review.

Company-wise data shows that Pakistan State Oil (PSO), Attock Petroleum (APL) and Shell Pakistan (SHEL) have gained in terms of their market share.

PSO posted growth of 36 percent YoY as its oil sales clocked in at 1.0 million tons. PSO’s FO sales have jumped by 80 percent YoY as its market share in this segment improved to 66 percent in Aug-2021 vs. 60 percent in Aug-2020.

APL’s oil sales also improved by 56 percent YoY to 0.2 million tons, whereas SHEL’s sales are up 28 percent YoY to 0.1 million tons.

HASCOL witnessed a decline of 76 percent YoY in Aug-2021 as it continues to lose its market share as it stands at just 1 percent compared to 10 percent 3-years back.

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