With the uptick in economic activity, the sales of Pakistani Oil Marketing Companies (OMC) are likely to increase by 26 percent Year on Year (YoY) in February 2021.

The growth is mainly driven by a significant increase in the demand for High Speed Diesel (HSD) demand which is expected to improve by 47% YoY, stated Topline Securities in its latest report.

The report was of the view that the pickup in HSD volumes is largely attributable to high economic activity compared to the same period last year, back in February 2020 industry volumes posted a decline of 26pc YoY, amid the restrictions and lockdowns due to the COVID-19 pandemic.

Furnace oil and motor spirit sales are also likely to increase by 22pc YoY and 14pc YoY, respectively.

Meanwhile, on monthly basis oil sales are expected to decline by 8pc month on month in February 2021 due to decline in furnace oil sales by 40pc month on month

In 8MFY21, oil sales are likely to grow by 13pc YoY whereas Furnace Oil and High Speed Diesel volumes have increased by 36pc YoY and 15PC YoY, respectively.

As per the report, Hascol Petroleum sales are likely to decline the most i.e. 45pc in the month of February 2021, due to 44pc drop in motor spirit sales, whereas Attock Petroleum Limited will follow next with 16pc YoY decline due to 44pc YoY drop in Furnace Oil sales.