Pakistan Oil and Gas Marketing Sector: 7MFY24: Petroleum sales decreased by 13% YoY to 9.07mn tons

The petroleum dispatches during Jan’24 clocked in at 1.38 million tons, depicting a decline of 4% YoY. The reduction in sales comes from i) higher petroleum product prices and ii) a slowdown in the economy. The sales of MS dropped by 5% in Jan’24, clocking in at 0.61mn tons. Similarly, HSD sales volumes decreased by 12% YoY, reaching 0.51mn tons during the same period. On the other hand, furnace oil (FO) sales climbed by 28% YoY to 0.18mn tons in Jan’24. On an MoM basis, petroleum sales registered a growth of 12% during Jan’24 on account of i) a reduction in the price of MS and HSD and ii) a resumption of demand for FO-based power generation due to a fall in hydel power generation in peak winters. The sales of MS jumped up by 8% MoM. Likewise, the offtake of FO surged by 2x MoM in Jan’24. Meanwhile, HSD dispatches remained stable on a MoM basis in Jan’24.

DurIn 7MFY24, total sales of petroleum products plummeted by 13% YoY to 9.07mn tons vis-à-vis  10.47mn tons in SPLY. Product-wise data shows a reduction in all categories; the volumetric sales of MS, HSD, and FO clocked in at 4.18mn tons, 3.67mn tons, and 0.75mn tons, respectively.

PSO’s sales reduce by 7% YoY in Jan’24

On a company-wide basis, the sales of PSO plummeted by 7% YoY in Jan’24 due to a decrease in sales of MS and HSD by 11% and 13%, respectively, while FO dispatches displayed a surge of 2x YoY. In addition to this, the offtake of SHEL and HASCOL witnessed a decline of 15% and 11% YoY, respectively. APL, being an outlier, posted a growth of 9% YoY in Jan’24.

During 7MFY24, petroleum sales of APL, PSO, and SHEL declined by 4%, 16%, and 19% YoY, respectively. Meanwhile, HASCOL’s offtake grew 21% YoY in 7MFY24.

During 7MFY24, PSO’s market share dropped by 1.3% to 49.7% vis-à-vis 51.1% in 7MFY23. Meanwhile, SHEL’s market share dropped by 0.5%, reaching 7.1% YoY in 7MFY24. Moreover, the market share of APL and HASCOL in 7MFY24 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 30.4% in 7MFY24.

Courtesy – AHL Research


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