Feb’24: Petroleum Sales plummeted by 8% YoY to 1.12mn tons
Total petroleum sales during Feb’24 arrived at 1.12mn tons (5-months low), showcasing a decrease of 8% YoY. The decline in sales comes on the back of i) higher petroleum products prices, and ii) lower dependency on FO based power production. The sales of MS witnessed a dip of 1% in Feb’24, clocking in at 0.54mn tons. Similarly, HSD sales volumes plummeted by 7% YoY, reaching 0.45mn tons during the same period. On the other hand, furnace oil (FO) sales plunged by 58% YoY to 0.05mn tons in Feb’24. On a MoM basis, petroleum sales reported a decline of 19% during Feb’24 on account of i) a jump in prices of MS and HSD, and ii) fewer days during the month. The sales of MS reduced by 12% MoM. Likewise, offtake of HSD contracted by 13% MoM in Feb’24. Whereas, FO dispatches nosedived by 73% MoM.
During 8MFY24, total sales of petroleum products reduced by 13% YoY to 10.18mn tons vis-à-vis 11.69mn tons in SPLY. Product-wise data shows a fall in all categories; the volumetric sales of MS, HSD, and FO clocked in at 4.73mn tons, 4.12mn tons, and 0.80mn tons, respectively.
PSO’s sales declined by 5% YoY in Feb’24
On company-wise basis, the sales of PSO decreased by 5% YoY in Feb’24, owed to a reduction in sales of MS, HSD, and FO by 5%, 9%, and 19%, respectively. Whereas, offtake of APL and SHEL witnessed a fall of 1% and 15% YoY, respectively. Meanwhile, sales of HASCOL remained stable at during Feb’24.
During 8MFY24, petroleum sales of APL, PSO, and SHEL descended by 4%, 15%, and 18% YoY, respectively. Meanwhile, HASCOL stood out from the rest by showcasing a growth of 19% YoY.
During 8MFY24, PSO’s market share dropped by 1.0% to 49.9% vis-à-vis 50.9% in 8MFY23. Whereas, the market share of SHEL dropped by 0.5% arriving at 7.2% YoY in 8MFY24. Moreover, the market share of APL and HASCOL in 8MFY24 increased to 10.3% (9.3% in SPLY) and 2.5% (1.8% in SPLY), respectively. Meanwhile, the market share of other OMCs remained stable at 30.2% in 8MFY24.
Courtesy – AHL Research