During FY24: Pakistan saw it etroleum sales down by 8% YoY to 15.28mn tons

Petroleum products during Jun’24 arrived at 1.45mn tons (19-month high), depicting a growth of 8% YoY. The economic recovery and a low base effect from last year drive the jump in sales. The offtake of MS ascended by 9% YoY in Jun’24, settling at 0.70mn tons. Similarly, HSD dispatches increased by 5% YoY to 0.57mn tons in Jun’24. FO sales volumes showcased an uptick of 6% YoY, reaching 0.11mn tons. On a MoM basis, petroleum sales augmented by 4% during Jun’24 on the back of i) a fall in the price of MS and HSD, and ii) higher demand for FO-based power generation. The sales of MS climbed up by 15% MoM. Likewise, the dispatches of FO surged by 54% MoM in Jun’24. Meanwhile, HSD offtake plummeted by 11% MoM given the peak harvesting season in May’24.

During FY24, total sales of petroleum products reduced by 8% YoY to 15.28mn tons vis-à-vis 16.61mn tons in SPLY, registering the lowest-ever sales since available data (FY06). Product-wise data shows a decline in all categories; the volumetric sales of MS, HSD, and FO clocked in at 7.14mn tons, 6.26mn tons, and 1.04mn tons, respectively.

PSO’s sales were unchanged at 0.65mn tons in Jun’24

On a company-wise basis, the sales of PSO remained stable on a YoY basis at 0.65mn tons in Jun’24. PSO’s offtake of MS, and FO witnessed a growth of 7%, and 48% YoY, respectively. The dispatches of SHEL climbed up by 12% YoY during Jun’24. However, the offtake of APL and HASCOL plunged by 15% and 37% YoY, respectively.

During FY24, petroleum sales of APL, HASCOL, PSO, and SHEL plummeted by 5%, 8%, 9%, and 11% YoY, respectively.

During FY24, PSO’s market share dropped by 0.6% to 49.4% vis-à-vis 50.0% in FY23. Whereas, the market share of APL increased by 0.4% arriving at 9.9% YoY in FY24. Moreover, the market share of SHEL in FY24 reduced to 7.3% (7.6% in SPLY). On the other hand, the market share of HASCOL remained unchanged at 2.5%. Meanwhile, the market share of other OMCs increased by 0.54% to arrive at 30.9% in FY24.

Courtesy- AHL Research

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