Petroleum sales grow 28% in May

KARACHI: The total petroleum products sales in Pakistan showed a growth of 28 per cent to reach 2.17 million tonnes during the month of May, a report by Arif Habib Limited showed.

The growth in the sales volumes came on the back of growth in auto sales leading to higher demand of Motor Spirit (MS) and higher reliance on Furnace Oil (FO) based plants.

The MS volumes climbed up 9 per cent on a year-on-year basis and 4 per cent on a month-on-month basis to settle at 0.80 million tonnes during May.

Likewise, High Speed Diesel (HSD) volumes witnessed an increase of 12 per cent on a year-on-year basis to clock-in at 0.85 million tonnes during the month under review, while declining 7 per cent on a month-on-month basis.

In addition to this, FO sales volumes recorded a significant increase of 174 per cent on a year-on-year basis and 6 per cent on a month-on-month basis arriving at 0.46 million tonnes in May, on account of higher demand from Independent Power Producers (IPPs).

During the first 11 months of fiscal year 2022, the sales of total petroleum products showed a growth of 18 per cent on a year-on-year basis to reach 20.62 million tonnes, compared with 17.52 million tonnes during the same period of last fiscal year.

Product wise data showed that a double digit jump was showcased in all categories as offtake of MS clocked-in at 8.24 million tonnes, HSD 8.15 million tonnes and FO offtake reached 3.57 million tonnes.

Company-wise analysis shows that Pakistan State Oil (PSO) registered a growth of 61 per cent in May which was majorly contributed by a surge in the sales of MS and HSD which were up 24 per cent each, and FO witnessing a growth of 5.9x on a year-on-year basis.

Likewise, the sales of Attock Petroleum Limited (APL) and SHEL also portrayed a jump of 49 per cent and 19 per cent, respectively, whereas HASCOL’s offtake plunged by 86 per cent amid a massive decline in the volumes of MS and HSD.

During the first 11 months of fiscal year 2022, PSO’s market share climbed up 5 per cent to 51 per cent, compared with 46 per cent during the same period of last fiscal year.

Similarly, the market share of APL and SHEL remained unchanged at 9 per cent and 8 per cent, respectively, whereas, the market share of HASCOL declined 3 per cent to 1 per cent, compared with 4 per cent during the corresponding period of last year. Meanwhile, the market share of other Oil Marketing Companies (OMCs) declined to 31 per cent during the period under review, as against 33 per cent during the same period of fiscal year 2021.