Karachi, September 2, 2023 – Pakistan’s total petroleum sales for August 2023 reached 1.41 million tons, marking an 8 percent year-on-year (YoY) decline.
(more…)Tag: Oil sales
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Domestic Sales of High-Speed Diesel Falls by 9% Due to Smuggling of Iranian Oil
Karachi, August 2, 2023 – Domestic sales of high-speed diesel (HSD) in Pakistan have experienced a sharp decline of 9 percent in July 2023, primarily attributed to the rampant smuggling of Iranian oil into the country, according to analysts at Topline Securities.
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Pakistan Petroleum Sales Hit 17-Year Low in FY23 Amid Economic Slowdown and Price Surge
Karachi, July 4, 2023 – Petroleum product sales in Pakistan have reached a 17-year low during the fiscal year 2022-23, according to recently released data on Tuesday. The decline in sales can be attributed to higher product prices and an overall economic slowdown, which have significantly impacted demand.
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Pakistan Oil Sales Plunge by 40% in May 2023, Market Outlook Remains Depressed
Karachi, June 2, 2023 – Pakistan’s oil sales in May 2023 witnessed a significant decline of 40% compared to the same period last year, amounting to 1.3 million tons.
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Pakistan petroleum sales decline by 47% in April 2023
Pakistan’s sales of petroleum products during April 2023 were recorded at 1.2 million tons, indicating a 47% YoY decrease and a 6% MoM increase.
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Pakistan’s March petroleum sales slump 35-month low
Pakistan’s petroleum sales have slumped 35-month low in March 2023 owing to slowdown in overall economic activity.
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Pakistan oil sales drop 14pc in Dec 2022 due to economic slowdown
KARACHI: Pakistan domestic oil sales have dropped by 14 per cent in Month on Month (MoM) in December 2022 due to overall slowdown in the economy.
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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.
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Pakistan high petroleum prices massively cut oil sales in July
KARACHI: A big jump in petroleum prices in Pakistan has reduced the domestic sales of oil for the month of July 2022.
According to details released on Tuesday Pakistan oil sales commenced the fiscal year 2022/2023 with a decline of 26 per cent MoM to clock in at 1.44 million tons in July 2022 (lowest since February 2021).
READ MORE: New petroleum prices in Pakistan from August 1, 2022
Analysts at Topline Securities attributed the sharp decline in domestic oil sales to significant decline in all 3 petroleum products: High Speed Diesel (HSD) sales reduced by 38 per cent MoM to 444, 000 tons, Motor Gasoline (MOGAS) sales declined by 15 per cent MoM to 594,000 tons and Furnace Oil (FO) sales dipped by 23 per cent MoM to 350,000 tons.
Major reasons behind the decline in oil sales are, (i) Eid holidays during the first half of July where inter provincial transportation activity subsided which led to low HSD sales, and (ii) monsoon season across the country resulted in lower traffic on the roads.
READ MORE: New petroleum prices in Pakistan from July 15, 2022
Furthermore, increase in MOGAS and HSD prices by 26 per cent and 41 per cent since Jun-22 resulted in reduced demand of petroleum products and increase in usage of public transport and car pooling.
As compared to last year, Pakistan oil sales recorded 26 per cent YoY decline in July 2022 which is owed to drop in MOGAS and HSD Sales by 27 per cent YoY and 38 per cent YoY, respectively. Excluding FO, oil sales were down 31 per cent YoY and 26 per cent MoM in July 2022 to 1.1 million tons.
READ MORE: New prices of petroleum products in Pakistan from July 01, 2022
Among the listed entities, Pakistan State Oil (PSO) sales posted 27 per cent MoM decline to 760k tons (lowest since Feb-22), mainly due to decline in HSD sales by 38 per cent MoM. In terms of market share, PSO market share clocked in at 53 per cent in Jul-22 vs. 52 per cent in July 2021.
Other companies such as Attock Petroleum (APL) and Shell Pakistan (SHEL) also recorded drop of 29 per cent MoM and 37 per cent MoM to 142k tons and 100k tons, respectively.
For FY23E, the analysts expect oil sales to drop by 15-20 per cent YoY in FY23E, mainly due to (i) low growth estimated in agriculture sector, (ii) likely decline in auto sales, and (iii) increase in petroleum prices.
READ MORE: New petroleum prices in Pakistan from June 16, 2022