KARACHI: The petroleum products sales in Pakistan recorded a decline of 6 percent on year-on-year and 4 percent on month-on-month basis to stand lowest after six months of 1.11 million tons, in April 2024.

Ex-Furnace Oil (FO) sales were down 2 percent YoY and 3 percent MoM in this month.

The sales of petroleum products declined majorly due to higher petrol and diesel prices and smuggling from neighboring country, Myesha Sohail, an analyst at Topline Securities said adding that around 10 million litres of Iranian oil is being smuggled every day.

FO sales for April 2024 fell by 59 percent YoY and 33 percent MoM to 30,000 tons. This decrease is attributed to lower power generation from FO-based power plants, Myesha Sohail said.

MS sales were down 9 percent YoY and 7 percent MoM to 530,000 tons, while HSD sales increased by 2 percent YoY and 1.0 percent MoM to 469,000 tons in April 2024.

Diesel sales slightly improved on MoM basis by 1.0 percent despite Eid Holidays, as harvesting season begun in April 2024.

Average petrol prices were at Rs 291.68/litre in April 2024, up 4 percent MoM and 5 percent YoY.

Similarly, Diesel prices fell for the first half of the month while averaging at Rs 286.31/litre for April 2024, a 1.0 percent MoM rise and 2 percent YoY fall. Among the listed entities, Attock Petroleum (APL) sales clocked in at 99,000 tons, a 18 percent YoY and 4 percent MoM decline in April 2024. FO sales fell by 78 percent YoY and 49 percent MoM which mainly contributed to fall of APL sales.

Copyright Business Recorder, 2024