KARACHI: The total sales of petroleum products in the country clocked-in at 1.41 million of tons in August 2023, declining by 8.0 percent on YoY basis.
This declined was mainly on account of 64 percent YoY fall in FO sales given lower reliance on FO-based power generation due to the addition of new local coal-based power plants, experts said.
On the flipside, MS and HSD sales depicted a jump of 5.0 percent and 11 percent YoY, respectively in August 2023 amid absence of heavy rainfall as compared to last year, Muhammad Iqbal Jawaid, an analyst at Arif Habib Limited said.
On a MoM basis, petroleum sales registered a growth of 4.0 percent during August 2023 due to increase in fortnightly pricing trend during the month.
The sales of MS registered a growth of 2.0 percent MoM, to arrive at 0.67million. Similarly, HSD off-take showcased a growth of 11 percent MoM, settling at 0.55million. However, FO sales plummeted by 18 percent MoM, to reach 0.12million due to aforementioned reason.
The sales of total petroleum products in the first two months of FY24 declined by 7.0 percent YoY to 2.76million tons.
Product-wise data showed an increase in sales volumes of MS and HSD while off-take of FO depicted a massive decline. The sales of MS, HSD, and FO stood at 1.33million tons, 1.04million tons, and 0.26million tons, respectively in the first two months of FY24.
Company-wise analysis depicted that PSO’s off-take reduced by 8.0 percent YoY in August 2023, which is primarily owed to 86 percent YoY plunge in FO sales. Whereas, off-take of MS, and HSD reported a healthy growth of 15 percent, and 32 percent YoY, respectively. Similarly, sales of APL and SHEL decreased by 2.0 percent and 11 percent YoY, respectively. Meanwhile, HASCOL’s off-take witnessed a jump of 27 percent YoY.
On a cumulative basis, petroleum sales of PSO, SHEL, and APL decreased by 10 percent, 9.0 percent and 5.0 percent YoY, respectively during the first two months of FY24.
On the other hand, HASCOL’s off-take depicted a growth of 60 percent YoY in the first two months of FY24.
During the first two months of FY24, PSO’s market share declined by 1.4 percent to 50.9 percent compared to 52.3 percent in the same period in FY23; whereas, the market share of SHEL drop to 6.96 percent YoY in the first two months of FY24 from 7.10 percent in the same period last year.
Moreover, the market share of APL and HASCOL in the first two months of FY24 increased to 10.2 percent (10.0 percent in the same period last year) and 2.9 percent (1.7 percent in the same period last year), respectively. Meanwhile, the market share of other OMCs remained stable at 29.0 in the first two months of FY24.
Copyright Business Recorder, 2023
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