Sale of total petroleum products in Pakistan clocked in at 1.38 million tons in January, a decline of 4% year-on-year as compared to 1.44 million in the same period of the previous year, showed data released by brokerage house Topline Securities on Friday.

The decline comes on the back of lower petrol and diesel sales, according to the data.

However, Furnace Oil (FO) sales improved by 28% YoY in January 2024, amounting to 0.18 million tons, revealed Topline data.

Sale of MS (petrol) fell 5% YoY, clocking in at 0.62 million tons. The volume of High-Speed Diesel (HSD) dipped significantly by 12% YoY, settling at 0.51 million in January 2024.

On a month-on-month basis, POL products offtake witnessed an increase of 12% during January.

“The monthly rise in sales is due to the expectation of a rise in petrol and diesel prices,” said Topline.

POL sales down 7% YoY amid higher prices, economic slowdown

Similarly, offtake of FO increased exponentially by 132% MoM in January.

During the first seven months of FY24, sales of total petroleum products dropped by 13% YoY to 9.07 million tons compared to 10.48 million tons in the same period last year.

Product-wise data showed a decline in all categories; the offtake of MS, HSD and FO settled at 4.18 million tons, 3.67 million tons and 0.75 million tons, respectively, reflecting a decline of 7%, 7% and 53%.

Company-wise, PSO’s offtake depicted a drop of 7% YoY in January 2024, which was majorly contributed by a decrease in sales of MS by 11% YoY, while HSD sales registered a decline of 13% YoY. However, FO sales of PSO jumped by 209% YoY.

Similarly, sales of Shell Pakistan Limited (SHEL) decreased by 15% YoY, amid a fall in sales of all products.

Sales of Hascol Petroleum Limited (HASCOL) declined by 11% YoY on account of a significant drop in HSD sales i.e. 36%.

However, Attock Petroleum Limited (APL) sales witnessed an increase of 9% YoY.