• Jun’25: Petroleum sales increased by 8% YoY Pakistan’s petroleum sales in Jun’25 ascended by 2% MoM, primarily due to i) Anticipation of a potential increase in local oil prices, amid rising global oil prices driven by the conflict in the Middle East, and ii) Amid rising grid demand on grid driven by the shift from captive power due to elevated gas prices, power generation from FO has increased, we view.
• On a MoM basis, the offtake of MS improved by 5% to 0.73mn tons (36-month high) and the sales of FO in Jun’25 were recorded at 0.13mn tons (+62% YoY).
• However, HSD sales declined by 8% MoM, likely due to the end of the harvesting season.
• On a YoY basis, OMC sales improved, posting an 8% YoY growth to 1.57mn tons. The YoY improvement in volumes is attributable to: i) higher demand following a reduction in MS and HSD prices YoY, ii) curtailment of smuggled petroleum products from Iran, and iii) an increase in automobile sales.
• MS dispatches increased by 5% YoY, reaching 0.73mn tons in Jun’25.
• Meanwhile, HSD sales registered a 9% YoY increase, settling at 0.62mn tons in Jun’25, compared to 0.57mn tons in SPLY.
• FO sales volumes rose by 22% YoY, standing at 0.13mn tons, amid higher reliance on FO-based power generation, in our view.
• On a cumulative basis, total petroleum product sales for FY25 increased by 7% YoY, clocking in 16.32 million tons, compared to 15.28 million tons in SPLY.
• Product-wise, MS and HSD showcased growth, while FO sales witnessed a decline.
• The volumetric sales for MS, HSD, and FO were 77.60 million tons, 66.89 million tons, and 00.81 million tons, respectively.
• PSO’s sales decline by 2% YoY in Jun’25
• Pakistan’s petroleum sales in Jun’25 ascended by 2% MoM, primarily due to i) Anticipation of a potential increase in local oil prices, amid rising global oil prices driven by the conflict in the Middle East, and ii) Amid rising grid demand on grid driven by the shift from captive power due to elevated gas prices, power generation from FO has increased, we view.
• On a MoM basis, the offtake of MS improved by 5% to 0.73mn tons (36-month high) and the sales of FO in Jun’25 were recorded at 0.13mn tons (+62% YoY).
• However, HSD sales declined by 8% MoM, likely due to the end of the harvesting season.
• On a YoY basis, OMC sales improved, posting an 8% YoY growth to 1.57mn tons. The YoY improvement in volumes is attributable to: i) higher demand following a reduction in MS and HSD prices YoY, ii) curtailment of smuggled petroleum products from Iran, and iii) an increase in automobile sales.
• MS dispatches increased by 5% YoY, reaching 0.73mn tons in Jun’25.
• Meanwhile, HSD sales registered a 9% YoY increase, settling at 0.62mn tons in Jun’25, compared to 0.57mn tons in SPLY.
• FO sales volumes rose by 22% YoY, standing at 0.13mn tons, amid higher reliance on FO-based power generation, in our view.
• On a cumulative basis, total petroleum product sales for FY25 increased by 7% YoY, clocking in 16.32 million tons, compared to 15.28 million tons in SPLY.
• Product-wise, MS and HSD showcased growth, while FO sales witnessed a decline.
• The volumetric sales for MS, HSD, and FO were 7.60 million tons, 6.89 million tons, and 0.81 million tons, respectively.
Courtesy – AHL Research
