KARACHI: Petroleum sales in Pakistan registered 24 per cent decline during first two months (July – August) 2022/2023, according to data released by Oil Companies Advisory Council (OCAC).
According to details, the sales of all petroleum products fell to 2.96 million tons during first two months of the current fiscal year as compared with 3.90 million tons in the corresponding months of the last fiscal year.
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Produc-wise data showed a decline in all categories; offtake of petrol, high speed diesel (HSD) and furnace oil (FO) settled at 1.23 million tons, 0.94 million tons and 0.68 million tons, respectively.
Total Petroleum sales settled at 1.53 million tons in August 2022, witnessing a decrease of 22 per cent YoY.
Analysts at Arif Habib Limited attributed the fall to: heavy rainfall across the country leading to floods; lower furnace oil-based power generation; and massive surge in petroleum prices.
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Hence, MS reported a drop of 13 per cent YoY arriving at 0.64 million tons in August 2022. Similarly, High Speed Diesel (HSD) volumes decreased by 26 per cent YoY clocking in at 0.50 million in August 2022.
Whereas, Furnace Oil (FO) sales volumes plummeted by 35 per cent YoY in August 2022, reaching 0.33 million tons. Meanwhile, petroleum offtake climbed up by 6 per cent MoM, amid a reduction in MS and HSD prices compared to July 2022. As a result, MS and HSD volumes showed a jump of 7 per cent and 12 per cent MoM, respectively. However, FO sales recorded a fall of 7 per cent MoM in August 2022.
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Company-wise analysis shows that PSO registered a drop of 23 per cent YoY in August 2022 which was majorly contributed by plunge in sales of MS, HSD and FO by 13 per cent, 29 per cent and 36 per cent YoY, respectively.
Similarly, sales of APL and SHEL also plummeted by 23 per cent and 19 per cent YoY, respectively. Meanwhile, HASCOL’s offtake surged by 78 per cent YoY amid massive jump in MS and HSD volumes.
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During 2MFY23, market share of PSO, SHEL and HASCOL remained unchanged at 52 per cent, 7 per cent and 2 per cent YoY, respectively. Whereas, market share of APL improved by 1 per cent YoY to 10 per cent (9 per cent in 2MFY22). Meanwhile, market share of other OMCs declined to 29 per cent in 2MFY23 from 30 per cent in same period last year.
