KARACHI: The oil marketing companies’ (OMC) total sales increased by 11 percent on year-on-year basis to 11.27 million tons during the seven months of FY21 with growth seen across all major fuel segments.

In the ongoing gas crisis, it is not surprising that the demand for Furnace Oil (FO) surged by an impressive 37 percent on YoY during the period, Ali H Zaidi an analyst at JS Global Capital said.

This was followed by a 12 percent on YoY increase in High Speed Diesel (HSD) sales and a relatively tamer (but still impressive) 7 percent YoY increase in Motor Spirit (MS) sales, he added.

A similar trend can be seen during Jan 2021 where overall growth of 12 percent on YoY was mainly driven by a 34 percent surge in demand for black oil. Meanwhile HSD sales increased by 14 percent on YoY while, MS saw a relatively tamer growth of 4 percent on YoY during the month.

On a company-wise basis, Pakistan State Oil (PSO) has emerged as the clear winner so far during the seven months of FY21 as it exceeded industry growth in all major fuel segments. On the other hand, Hascol Petroleum Limited (HASCOL) witnessed a substantial decline of 14 percent on YoY in overall sales during the period.

Copyright Business Recorder, 2021