Total Petroleum and Lubricant sales clocked-in at 1.51mn tons in Dec’21, depicting a decline of 6% YoY and 14% MoM on account of significant decline in Furnace Oil (FO) volumes which clocked in at 0.13mn tons, down by 47% YoY and 28% MoM compared to 0.24mn tons in Dec’21 and 0.18mn in Nov’21, respectively. The decline in sales volumes is attributable to lower Furnace Oil (FO) requirement amid slowdown in FO based power generation.
On the other hand, slowdown in sales volumes of HSD is due to lower requirement from agriculture sector and higher HSD prices. On a yearly basis, total sales volumes witnessed a decline of 6% YoY which was mainly led by volumetric decline of FO (Ex-FO growth is 2% YoY) and HSD by 47% and 1% YoY, respectively.
During 1HFY22, sales of total petroleum products increased by 14% YoY to 11.10mn tons vs. 9.75mn tons in SPLY. Dissection of data revealed that double digit growth was witnessed in all categories; MS, HSD and FO with offtake undergoing a jump to 4.51mn tons, 4.36mn tons and 1.91mn tons.
On CY21 basis, volumes increased by 19.5% YoY to 20.8mn tons attributable to significant growth in all categories.
Courtesy – AHL Research