Total sales of petroleum clocked in at 1.41 million tons in August 2023, declining by 8 percent year-on-year (YoY) mainly due to a 64 percent YoY fall in Furnace Oil (FO) sales amid lower reliance on FO-based power generation due to the addition of new local coal-based power plants, according to a report by Arif Habib Limited.
On the flipside, MS and HSD sales depicted a jump of 5 percent and 11 percent YoY, respectively, in August 2023 amid the absence of heavy rainfall as compared to last year. On a month-on-month (MoM) basis, petroleum sales registered a growth of 4 percent during August 2023 due to an increase in fortnightly pricing trends during the month.
The sales of MS registered a growth of 2 percent MoM, to arrive at 0.67 million.
Similarly, HSD offtake showcased a growth of 11 percent MoM, settling at 0.55 million. However, FO sales plummeted by 18 percent MoM, to reach 0.12 million due to the aforementioned reason. Sales of total petroleum products in 2MFY24 declined by 7 percent YoY to 2.76 million tons.
Product-wise data showed an increase in sales volumes of MS and HSD while offtake of FO depicted a massive decline. The sales of MS, HSD, and FO stood at 1.33 million tons, 1.04 million tons, and 0.26 million tons, respectively in 2MFY24.
Company-Wise Analysis
Company-wise analysis depicted that PSO’s offtake reduced by 8 percent YoY in August 2023, which is primarily owed to an 86 percent YoY plunge in FO sales. Whereas, offtake of MS, and HSD reported a healthy growth of 15 percent, and 32 percent YoY, respectively. Similarly, sales of APL and SHEL decreased by 2 percent and 11 percent YoY, respectively.
Meanwhile, HASCOL’s offtake witnessed a jump of 27 percent YoY. On a cumulative basis, petroleum sales of PSO, SHEL, and APL decreased by 10 percent, 9 percent, and 5 percent YoY, respectively during 2MFY24. On the other hand, HASCOL’s offtake depicted a growth of 60 percent YoY in 2MFY24.
During 2MFY24, PSO’s market share declined by 1.4 percent to 50.9 percent compared to 52.3 percent in 2MFY23. Whereas, the market share of SHEL dropped to 6.96 percent YoY in 2MFY24 from 7.10 percent in SPLY. Moreover, the market share of APL and HASCOL in 2MFY24 increased to 10.2 percent (10.0 percent in SPLY) and 2.9 percent (1.7 percent in SPLY), respectively.
Meanwhile, the market share of other OMCs remained stable at 29.0 percent in 2MFY24.
Source: ProPakistani