KARACHI: The oil sales in the country clocked in at 1.8 million tons in January 2022, up 19 percent on year-on-year basis and 20 percent on month-on-month basis driven by higher sales of high speed diesel and MOGAS.

The sales of high speed diesel and MOGAS have increased by 36 percent on YoY and 17 percent, respectively.

During the first seven months of FY22, Pakistan oil sales witnessed a growth of 14 percent on YoY to 13 million tons, led by major economic recovery and higher transportation activities during the period.

The furnace oil (FO) sales have reduced by 11 percent on YoY to 258,000 tons during January 2022. However, as compared to December 2021, the FO sales witnessed a significant growth of 103 percent.

“The ex-FO sales stood at 1.5 million tons in January 2022, up 26 percent on YoY and 12 percent on MoM. During the first seven months of FY22, ex-FO sales reached 11 million tons, up by 15 percent on YoY,” Saad Ziker at Topline Securities said.

Amongst the listed companies, Pakistan State Oil (PSO) sales increased by 24 percent on YoY, clocking in at 860,000 tons (also up 25 percent on MoM), primarily due to major growth in HSD sales. PSO market share clocked in at 48 percent in January 2022 against 46 percent in January 2021.

Other listed companies like Shell Pakistan (SHEL) and Attock Petroleum Limited (APL) also increased by 11 percent on YoY and 20 percent on YoY to 136,000 and 160,000 tons, respectively.

In contrast, Hascol Petroleum (HASCOL) witnessed decline in sales by 57 percent on YoY to reach 29,000 tons led by lower HSD and MS sales. Also, the market share of APL deteriorated to 1.6 percent in January 2022 against 4.0 percent in January 2021.

Copyright Business Recorder, 2022