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Markets

Sale of petroleum products dips 8% year-on-year in August

  • Decline comes 'mainly on account of 64% YoY fall in Furnace Oil sales, says Arif Habib Limited
Published September 2, 2023

Sales of total petroleum products in Pakistan clocked in at 1.41 million tons in August 2023, a decline of 8% year-on-year, amid economic slowdown and drop in oil-based power generation.

The decline in sales comes “mainly on account of 64% YoY fall in Furnace Oil (FO) sales given lower reliance on FO-based power generation due to the addition of new local coal-based power plants,” said Arif Habib Limited (AHL) in a note.

FO sales nosedived in August 2023, amounting to 0.12 million tons, as compared to 0.33 million tons registered in same period last year (SPLY).

However, sale of MS (petrol) inched up 5% YoY, clocking in at 0.67 million tons in August. Volume of High-Speed Diesel (HSD) also improved by 11% YoY, settling at 0.55 million in August 2023.

The increase comes “amid absence of heavy rainfall as compared to last year,” said AHL.

However, on a month-on-month basis, POL products offtake witnessed an increase of 4% during August, “due to increase in fortnightly pricing trend during the month,” said AHL.

Volumes of MS inched up by 2%, whereas HSD offtake increased by 11%. Meanwhile, FO sales registered a decline of 18% MoM.

July oil sales down 6pc to 1.35MTs YoY

During the first two months of FY24, sales of total petroleum products dropped marginally by 7% YoY to 2.76 million tons compared to 2.97 million tons in SPLY.

Product-wise data showed that the decline was lead by FO sales, which plunged 61% to 0.26 million tons. Meanwhile, the offtake of MS, HSD at 1.33 million tons, 1.04 million tons, respectively, an increase of 8% and 11%.

Company-wise, PSO’s offtake depicted a drop of 8% YoY in August 2023, which is primarily owed to 86% YoY plunge in FO sales. Whereas, offtake of MS, and HSD reported a healthy growth of 15%, and 32% YoY, respectively.

Similarly, sales of Attock Petroleum Limited (APL) and Shell Pakistan Limited (SHEL) decreased by 2% and 11% YoY, respectively, due to a fall in sales of all products.

However, Hascol Petroleum Limited (HASCOL) sales witnessed an increase of 27% YoY.

Comments

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KU Sep 02, 2023 06:37pm
And no one is concerned about the less talked about agriculture and goods/passenger transport sector. Farmers cannot afford to use diesel at this price and will not be able to cultivate any kind of crop in the fall season. The brunt of the suffering is still zeroed in on the common man, and the government is probably under oath not to do anything about it.
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