Karachi, January 24, 2025 – The Oil Companies Advisory Council (OCAC) has called for the removal of sales tax exemptions and the restoration of the zero-rated regime for petroleum products to address the growing challenges faced by Pakistan’s oil industry.
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OCAC Seeks Smooth Fuel Supply Amid PTI Protests
The Oil Companies Advisory Council (OCAC) has urged the Punjab and Federal Capital administrations to take immediate steps to facilitate the transport of petroleum products, warning of an impending fuel crisis due to ongoing disruptions caused by Pakistan Tehreek-i-Insaf (PTI) protests.
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OCAC Demands End to Tax Exemption on Petroleum Products
Karachi, July 12, 2024 – The Oil Companies Advisory Council (OCAC) has thrown a wrench into the government’s recent tax plan, urging the removal of the sales tax exemption on petroleum products.
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OCAC Urges Urgent KOIA Repairs Ahead Strong Karachi Monsoon
PkRevenue.com – The Oil Companies Advisory Council (OCAC) has made an urgent appeal to Karachi Mayor Murtaza Wahab for the immediate repair of the Keamari Oil Installation Area (KOIA) in anticipation of a particularly strong monsoon season expected to begin in June 2024.
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Smuggled Petroleum Costs Pakistan $35.6M/Month: OCAC
The Oil Companies Advisory Council (OCAC) has unveiled alarming figures, revealing that smuggled petroleum products are inflicting a staggering loss of $35.6 million on Pakistan’s economy every month.
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OCAC Accuses Regulatory Body of Manipulating Diesel Price Reduction
ISLAMABAD: The Oil Companies Advisory Council (OCAC) has leveled accusations against the Pakistan regulatory body, claiming that the recent forced reduction and manipulation of high-speed diesel (HSD) prices has resulted in an inventory loss of Rs11 billion for the industry.
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OCAC Rejects Proposed Guidelines for Import of Petroleum Products
Karachi, June 19, 2023: The Oil Companies Advisory Council (OCAC) has expressed its opposition to the proposed guidelines for the import of petroleum products on a foreign supplier’s account through Customs Bonded Storage Facilities.
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Oil companies highlight severe impact of PKR depreciation
Oil Companies Advisory Council (OCAC) has highlighted severe impact of Pakistani Rupee (PKR) depreciation on the oil industry in a letter sent to the energy ministry and Oil and Gas Regulatory Authority (OGRA).
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Pakistan petroleum sales plunge by 23% in 1QFY23
KARACHI: Pakistan sales of petroleum products have plunged by 23 per cent in first quarter (July – September) of the current fiscal year 2022/2023, official data revealed on Monday.
The petroleum sales fell to 4.49 million tons during the first quarter of the fiscal year 2022/2023 as compared with 5.86 million tons in the same quarter of the last year, according to Oil Companies Advisor Council (OCAC).
READ MORE: Pakistan high petroleum prices massively cut oil sales in July
The sales of HSD recorded 30 per cent decline to 1.46 million tons in the first quarter of the current fiscal year when compared with 2.1 million in the same quarter of the last fiscal year.
Furnace oil sales slipped by 23 to 0.98 million tons during the quarter under review as compared with 1.27 million in the same period of the last fiscal year.
Similarly, the sales of petrol fell by 21 per cent to 1.86 million tons during July – September 2022/2023 when compared with 2.35 million tons in the same period of the last fiscal year.
READ MORE: Pakistan sharply reduces petroleum prices from October 01, 2022
Whereas, the domestic sales of petroleum products plunged by 22 per cent Year on Year (YoY) basis in the month of September 2022.
The sales of petroleum products fell to 1.52 million tons in September 2022 when compared with 1.96 million tons in the corresponding month of the last year.
Analysts at Ismail Iqbal Securities attributed the sharp decline in petroleum sales to ongoing demand destruction following higher prices and overall economic slowdown.
The steep decline has been witnessed in sales of high speed diesel (HSD), which fell by 26 per cent during the period under review. The sales of HSD dropped to 0.52 million tons in September 2022 as compared with 0.71 million tons in the same month of last year.
READ MORE: New petroleum prices in Pakistan effective from September 21, 2022
Sales of furnace oil plummeted by 24 per cent to 0.31 million tons in the month under review as compared with 0.4 million tons in the same month of the last year.
Likewise, the sales of petrol fell by 22 per cent to 0.63 million tons in September 2022 as compared with 0.8 million tons in September last year.
READ MORE: New petroleum prices in Pakistan from September 01, 2022
According to Pakistan Bureau of Statistics (PBS) the petroleum products recorded massive jump in prices during the period.
The official data showed the prices of HSD, petrol and furnace oil recorded increase of 120.67 per cent, 96 per cent and 51.63 per cent, respectively YoY in September 2022.
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Pakistan petroleum sales slump by 24% in 2MFY23
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.
READ MORE: Pakistan high petroleum prices massively cut oil sales in July
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.
READ MORE: Domestic oil sales grow by 14% in 8MFY22
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.
READ MORE: Domestic oil sales surge by 18% in 5MFY22
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.
READ MORE: Pakistan cuts petroleum prices amid Russia-Ukraine War
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.