KARACHI: The total sales of petroleum products in the country have declined by 11 percent on year-on-year basis to 1.20 million tons during July 2024.
The reduction in off-take comes on the back of hike in the price of MS and HSD which resulted in lower consumption, availability of smuggled petroleum products from Iran, and a fall in demand for FO-based power generation, Muhammad Iqbal Jawaid at Arif Habib Limited said.
The sales of MS decreased by 10 percent YoY in July 2024, settling at 0.59 million tons. Likewise, HSD off-take tumbled by 6.0 percent YoY to 0.46 million tons in July 2024. FO sales volumes plunged by 46 percent YoY, clocking in at 0.08 million tons.
OMCs’ sales rise to 1.45 million tons, highest in 19 months
On a month-on-month (MoM) basis, petroleum products dispatches contracted by 17 percent during July 2024 due to aforementioned reasons. The off-take of MS plummeted by 16 percent MoM in July 2024. Similarly, the dispatches of HSD dwindled by 18 percent, whereas, FO sales reduced by 27 percent MoM.
On company-wise basis, the sales of PSO plummeted by 19 percent YoY basis to 0.55 million tons in July 2024. PSO’s off-takes of MS, HSD and FO contracted by 22 percent, 22 percent and 17 percent YoY, respectively. However, the dispatches of SHEL, HASCOL, and APL witnessed a decline of 8.0 percent, 12%, and 23 percent YoY, respectively during July 2024.
During July 2024, PSO lost market share of 4.6 percent, settling at 45.6 percent compared to 50.2 percent in July 2023. Similarly, the market share of APL reduced by 1.2 percent, arriving at 8.5 percent YoY in July 2024.
Meanwhile, the market share of SHEL in July 2024 arrived at 7.2 percent (7.0 percent in the same period last year). On the other hand, the market share of HASCOL remained unchanged at 3.2 percent. Lastly, the market share of other OMCs climbed up by 5.6 percent to arrive at 35.4 percent in July 2024.
Copyright Business Recorder, 2024
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