KARACHI: Pakistan sales of petroleum products have plunged by 19 per cent during 7MFY23 first seven months (July – January) fiscal year 2022-2023.
During 7MFY23, sales of total petroleum products plunged by 19 per cent YoY to 10.47 million tons versus 12.91 million tons in same period last year.
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Product-wise data showed a decline in all categories; the offtake of petrol, High Speed Diesel (HSD), and Furnace Oil (FO) settled at 4.48 million tons, 3.95 million tons, and 1.59 million tons, respectively, analysts at Arif Habib Limited said.
Total petroleum sales settled at 1.44 million tons in January 2023, showing a fall of 20 per cent YoY owed to i) a surge in petroleum prices, ii) economic slowdown, iii) a massive slump in automobile sales, and iv) lower FO-based power generation.
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MS depicted a decline of 13 per cent YoY, to settle at 0.65 million tons in January 2023. Similarly, High Speed Diesel (HSD) volumes reduced by 21 per cent YoY, to arrive at 0.58 million in January 2023.
Moreover, Furnace Oil (FO) sales volumes plummeted by 45 per cent YoY in January 2023, clocking in at 0.14 million tons. On a MoM basis, petroleum sales witnessed a jump of 8 per cent during January 2023 given anticipated hike in the petroleum prices led to advance buying. Hence, volumes of MS, HSD, and FO registered a growth of 4 per cent, 12 per cent, and 16 per cent MoM, respectively.
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Company-wise analysis shows that PSO’s offtake displayed a reduction of 18 per cent YoY in January 2023 which was majorly contributed by a fall in sales of HSD and FO by 23 per cent, and 85 per cent YoY, respectively.
Whereas, MS sales of PSO showed an uptick of 1 per cent YoY in January 2023. Similarly, sales of HASCOL, APL and SHEL slumped by 11 per cent, 13 per cent, and 15 per cent YoY, respectively.
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During 7MFY23, PSO managed to expand its market share by 1.2 per cent to 51.1 per cent compared to 49.9 per cent in 7MFY22.
Meanwhile, market share of APL and SHEL remained stable at 9.2 per cent, and 7.6 per cent YoY, respectively. Whereas, HASCOL’s market share in 7MFY23 improved to 1.8 per cent (1.5 per cent in SPLY). However, the market share of other OMCs dropped to 30.4 per cent in 7MFY23 vis-à-vis 31.5 per cent in 7MFY22.