Total sales of petroleum clocked in at 1.41mn tons in Aug’23, declining by 8% YoY, which is mainly on account of 64% YoY fall in FO sales given lower reliance on FO-based power generation due to the addition of new local coal-based power plants. Conversely, MS and HSD sales depicted a jump of 5% and 11% YoY, respectively in Aug’23 amid the absence of heavy rainfall as compared to last year. On a MoM basis, petroleum sales registered a growth of 4% during Aug’23 due to an increase in fortnightly pricing trend during the month. The sales of MS registered a growth of 2% MoM, to arrive at 0.67mn. Similarly, HSD offtake showcased a growth of 11% MoM, settling at 0.55mn. However, FO sales plummeted by 18% MoM to reach 0.12mn due to the aforementioned reason.
Sales of total petroleum products in 2MFY24 declined by 7% YoY to 2.76mn tons. Product-wise data showed an increase in sales volumes of MS and HSD while offtake of FO depicted a massive decline. The sales of MS, HSD, and FO stood at 1.33 million tons, 1.04mn tons, and 0.26mn tons, respectively in 2MFY24.
PSO’s offtake reduced by 8% YoY in Aug’23
Company-wise analysis depicted that PSO’s offtake reduced by 8% YoY in Aug’23, primarily due to 86% YoY plunge in FO sales. Whereas, offtake of MS, and HSD reported a healthy growth of 15%, and 32% YoY, respectively. Similarly, sales of APL and SHEL decreased by 2% and 11% YoY, respectively. Meanwhile, HASCOL’s offtake witnessed a jump of 27% YoY.
On a cumulative basis, petroleum sales of PSO, SHEL, and APL decreased by 10%, 9% and 5% YoY, respectively during 2MFY24. On the other hand, HASCOL’s offtake depicted a growth of 60% YoY in 2MFY24.
During 2MFY24, PSO’s market share declined by 1.4% to 50.9% compared to 52.3% in 2MFY23. Whereas, the market share of SHEL drop to 6.96% YoY in 2MFY24 from 7.10% in SPLY. Moreover, the market share of APL and HASCOL in 2MFY24 increased to 10.2% (10.0% in SPLY) and 2.9% (1.7% in SPLY), respectively. Meanwhile, the market share of other OMCs remained stable at 29.0% in 2MFY24.
Courtesy – AHL Research