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PSO witnessed a growth of 11% YoY in May’24

Pakistan Oil Marketing Companies (OMC’s) recorded sales of 1.39mn tons, the highest in 9 months, up 7% YoY and 26% MoM in May 2024, led by an increase in diesel sales by 18% YoY. This takes 11MFY24 sales to 13.8mn tons, down 9% YoY.

Product-wise, diesel sales improved significantly by posting growth of 18% YoY to 643k tons due to the harvesting season and a drop in prices of Rs16.3/litre in the month of May.

Furthermore, a crackdown on the smuggling of petroleum products has also resulted in some recovery of HSD sales, as per our channel checks.

Motor Spirit (MS) sales were up 1% YoY and 14% MoM to 607K tons, taking 11MFY24 sales to 6.4mn tons, down 5% YoY. Petrol Prices also saw a drop of Rs20.84/litre in May 2024.

FO sales for May-2024 fell by 29% YoY to 69K tons. This decrease is attributed to lower power generation from FO-based power plants.

The government has achieved its PDL revenue collection target: The government set a Petroleum Development Levy (PDL) collection target of Rs 869 bn for FY24, which was met in 11MFY24, crossing Rs907 bn, based on our calculation. For FY24, the government could realize Rs990bn to 1tn with the current monthly run rate of Rs80-85bn.

Company-wise Data:

Among the listed entities, Attock Petroleum (APL) sales clocked in at 140K tons, a 14% YoY and 42% MoM rise in May 2024, primarily led by a 34% YoY and 62% MoM increase in HSD sales. APL market share in HSD increased by 150bps MoM to 9.8%.

Pakistan State Oil (PSO) saw an 11% YoY and 19% MoM rise to 665 K tons in May 2024. PSO’s market share in HSD and MS clocked in at 49.9% and 43.8%, down 170bps and 290bps MoM in May 2024.

Shell Pakistan (SHEL) saw a 13% YoY and a 23% MoM rise to 100K tons. Shell’s market share largely remained unchanged in both MS and HSD.

HASCOL sales clocked in at 41k tons, up 51% Month over Month but down 39% year over year. In May 2024, Hascol’s market share improved by 90bps and 30bps in MS and HSD monthly to 4.0% and 2.6%, respectively.

Courtesy – Topline Research


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