Pakistan’s oil sales climb 18% to 19.4 million tonnes in FY21

Web DeskWeb Editor

01st Jul, 2021. 03:57 pm
OGDCL

KARACHI: Pakistan’s oil sales have increased 18 per cent Year-on-Year (YoY) in the fiscal year 2020/21 to 19.4 million tonnes, showing a sharp recovery, compared with the last year, which witnessed a decline of 12 per cent YoY due to the Covid-19-linked lockdowns.

According to a report of Topline Research, motor spirit sales reached an all-time high of 8.2 million tonnes, up 12 per cent YoY. This was on the back of increased economic activity and rising car/bike sales.
The sales of the high-speed diesel (HSD) also increased 16 per cent YoY to reach 7.7 million tonnes in FY21. The furnace oil (FO) sales jumped 53 per cent YoY in FY21 due to increased demand from the FO-based power plants.

In June 2021, Pakistan oil sales went up 15 per cent YoY and 4 per cent MoM. Motor spirit sales went up 4 per cent YoY, while HSD sales remained the same YoY level.

The FO sales remained 176 per cent YoY higher, as reduction in the hydel power generation and scheduled closure of Engro RLNG Terminal increased the demand for the furnace oil.

Pakistan State Oil (PSO), being a dominant player in the furnace oil business, was able to improve its market share from 44 per cent in FY20 to 46 per cent in FY21, as the company’s oil sales increased 23 per cent YoY.

In June 2021, the sales clocked in at 858k tonnes, up 2 per cent YoY, this is the highest monthly sales recorded by the PSO in FY21.

Shell’s sales increased 35 per cent YoY, while Attock Petroleum Limited (APL) sales remained largely similar on YoY during June 2021.

Hascol’s market share dropped to 4.1 per cent in FY21, compared with 6.5 per cent in FY20. Similar trend was also seen in June 2021 as liquidity and financial constraints impacted the company’s operations.

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