• Pakistan’s petroleum sales reached a 25-month high of 1.58mn tons during November ’24, up 15% year over year.
• The jump in sales comes from higher demand amid i) curbs on smuggled petroleum products from Iran and ii) a decline in MS and HSD prices by 12% and 15% YoY, respectively.
• The offtake of MS increased by 17% YoY in Nov’24, settling at 0.67mn tons.
• HSD dispatches increased by 21% YoY to 0.79mn tons in Nov’24.
• FO sales volumes plummeted 55% year over year, reaching 0.04mn tons due to lower demand for FO-based power generation.
• On a MoM basis, petroleum sales jumped up by 6% during Nov’24 owing to i) higher HSD demand due to peak harvesting season, and ii) halt of supply of smuggled petroleum.
• The sales of MS remained unchanged on an MoM basis.
• HSD offtake ascended by 15% MoM while FO dispatches contracted by 36% MoM in Nov’24.
• During 5MFY25, total sales of petroleum products went up by 5% YoY to 6.75mn tons vis-à-vis 6.45mn tons in SPLY.
• Product-wise data shows growth in MS and HSD, while sales of FO depicted a decline; the volumetric sales of MS, HSD, and FO clocked in at 3.18 million tons, 2.89 million tons, and 0.31 million tons, respectively.

PSO’s offtake was up by 12% YoY in Nov’24

• On a company-wide basis, PSO’s sales climbed by 12% year over year, clocking in at 0.80mn tons in November ’24.
• PSO’s offtake of MS, and HSD augmented by 15%,and 16% YoY, respectively. Meanwhile, FO sales plunged by 83% YoY. 
• The offtake of SHEL, APL, and HASCOL improved by 12%. 7% and 6% YoY, respectively.
• In 5MFY25, sales of PSO and APL declined by 4% and 10% YoY, respectively.
• On the other hand, the offtake of SHEL and HASCOL went up 6% and 15% YoY, respectively, in 5MFY25. 
• PSO’s market share in 5MFY25 significantly declined by 4.3% to 46.2% vis-à-vis 50.5% in SPLY.
• The market share of APL decreased by 1.5%, arriving at 8.6% YoY in 5MFY25.
• On the other hand, SHEL’s and HASCOL’s market share in 5MFY25 climbed to 7.2% (7.0% in SPLY) and 3.0% (2.7% in SPLY), respectively.
• Meanwhile, the market share of other OMCs jumped massively by 5.4% to 35.1% in 5MFY25.
• Considering the growth in sales of MS and HSD, the Petroleum Development Levy collection increased to ~PKR 110bn in November ’24, up 19% YoY | 7% MoM.
• With this, the PDL collection in 5MFY25 stands at ~PKR 464bn, up 16% YoY.

Courtesy – AHL Research