Oil sales record 14 per cent growth

KARACHI: The overall oil sales recorded an increase of 14 per cent to 14.5 million tonnes during the first eight months of fiscal year 2022 owing to the higher agricultural and trading activities, Oil Companies Advisory Council (OCAC) data showed.

During the period under review, furnace oil (FO) sales surged by 14 per cent on a year-on-year basis to clock-in at 2.4 million tonnes, while motor spirit (MS) sales stood at 5.9 million tonnes up 10 per cent and high-speed diesel (HSD) 5.7 million tonnes, up 18 per cent.

However, the sales declined on a month-on-month basis amid pent-up demand as industrial and power companies’ usage was lowered resulting in a downward slide in the sales by 13 per cent on a month-on-month basis.

Hence, the cumulative sales notched down 15 per cent on a month-on-month basis to clock in at 1.5 million tonnes in February 2022, as against 1.8 million tonnes in the same period of last year.

MS sales recorded a decline of 12 per cent to 652,000 tonnes, along with HSD declining 20 per cent to 591,000 tonnes in February 2022.

The decline in the monthly figures are attributable to lower FO based power generation and decline in vehicle sales.

On a year-on-year basis, FO sales registered a growth of 28 per cent, followed by MS and HSD sales with 4 per cent and 8 per cent in February 2022, respectively.

The Pakistan State Oil (PSO) total volumes were up 23 per cent on a year-on-year basis to reach 7.1 million tonnes during the first eight months of fiscal year 2022. MS sales showed a growth of 16 per cent to 2.6 million tonnes and HSD sales volumes increased 24 per cent to 2.8 million tonnes. The FO sales during the period registered an upside of 29 per cent to 1.3 million tonnes on a year-on-year basis.

However, PSO monthly sales saw a decline of 14 per cent on a month-on-month basis to 742,000 tonnes in February 2022, where HSD sales reduced the most recording a decline of 28 per cent to 295,000 tonees while MS sales lowered by 277,000 tonnes, down 11 per cent on a month-on-month.

The FO sales significantly increased 26 per cent to 115,000 tonnes. Likewise, the PSO sales reported a growth of 16 per cent on a year-on-year basis, compared with 641,000 tonnes in February 2021.

The overall volumetric sales of APL surged by 16 per cent on a year-on-year basis to 1.4 million tonnes during the first eight months of fiscal year 2022 as against 1.2 million tonnes during the same period last year.

The sales of HSD were up 40 per cent to 491,000 tonnes and MS sales soared by 19 per cent to 480,000 tonnes on a year-on-year basis.

However, APL observed a decline of 7 per cent on a year-on-year basis in its sales reaching 149,000 tonnes in February 2022. Likewise, the FO sales ballooned up 25 per cent on a month-on-month basis to 37,000 tonnes and HSD sales displayed a notable drop of 23 per cent on a month-on-month basis to 52,000 tonnes in February 2022.

The sales of Shell noted an increase of 15 per cent on a year-on-year basis standing at 1.1 million tonnes in the first eight months of fiscal year 2022.

During the period under review, MS and HSD contributed 621,000 tonnes and 463,000 tonnes in total sales, respectively.

On the other hand, Shell observed an increase of 4 per cent on a year-on-year basis to clock in at 127,000 tonnes in February 2022, compared with 123,000 tonnes in February 2021 with MS being at the top with 70,000 tonnes. However, on a month-on-month basis, the sales declined by 6 per cent during the period.

In 8MFY22, the Hascol Petroleum Limited (HASCOL) sales declined 62 per cent on a year-on-year basis to stand at 223,000 tonnes during the first eight months of fiscal year 2022, as against 594,000 tonnes during the same period last year.MS and HSD added 126,000 tonnes and 62,000 tonnes MT, respectively.

Likewise, in February 2022, the volumes declined to 26,000 tonnes, down 40 per cent on a year-on-year basis where MS and HSD volumes clocked in at 15,000 tonnes and 10,000 tonnes, respectively.

Similarly, on a monthly basis, the volumes dropped 12 per cent on a year-on-year basis as MS recorded a notable fall of 30 per cent on a month-on-month basis to 15,000 tonnes in February 2022.