9MFY24: Petroleum sales decreased by 11% YoY to 11.34mn tons

Mar’24: Petroleum Sales grew by 4% YoY to 1.15mn tons

The total dispatches of petroleum products in Mar’24 arrived at 1.15mn tons, depicting an increase of 4% YoY. The jump in sales comes on the back of i) slight revival of economic activities, and ii) reduction in smuggled petroleum products from Iran. The sales of MS witnessed an increase of 3% in Mar’24, clocking in at 0.57mn tons. Similarly, HSD sales volumes augmented by 17% YoY, reaching 0.46mn tons during the same period. However, furnace oil (FO) sales plunged by 48% YoY to 0.04mn tons in Mar’24 amid lower dependency on FO based power plants. On a MoM basis, petroleum sales registered a growth of 3% during Mar’24 on account of i) fewer days in February, and ii) increasing price trend in MS. The sales of MS ascended by 5% MoM. Likewise, offtake of HSD increased by 4% MoM in Mar’24. Whereas, FO dispatches plummeted by 11% MoM.

During 9MFY24, total sales of petroleum products reduced by 11% YoY to 11.34mn tons vis-à-vis  12.80mn tons in SPLY. Product-wise data shows a fall in all categories; the volumetric sales of MS, HSD, and FO clocked in at 5.30mn tons, 4.58mn tons, and 0.84mn tons, respectively.

PSO’s sales increased by 11% YoY in Mar’24

On company-wise basis, the sales of PSO improved by 11% YoY in Mar’24, owed to a higher sales of MS, and HSD by 13%, and 15%, respectively. Similarly, offtake of SHEL witnessed a jump of 6% YoY. Whereas, sales of APL and HASCOL tumbled by 9% and 41% YoY, respectively during Mar’24.

During 9MFY24, petroleum sales of APL, PSO, and SHEL descended by 4%, 13%, and 16% YoY, respectively. Meanwhile, HASCOL being an outlier showcased a growth of 9% YoY.

During 9MFY24, PSO’s market share dropped by 0.6% to 50.0% vis-à-vis 50.7% in 9MFY23. Whereas, the market share of SHEL dropped by 0.4% arriving at 7.3% YoY in 9MFY24. Moreover, the market share of APL and HASCOL in 9MFY24 increased to 10.1% (9.4% in SPLY) and 2.5% (2.0% in SPLY), respectively. Meanwhile, the market share of other OMCs remained stable at 30.1% in 9MFY24.

Courtesy – AHL Research

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