Pakistan oil and gas marketing sector sales declined by 15% YoY to 7.68mn tons in 1HFY24

Total Petroleum Sales during Dec’23 clocked in at 1.24mn tons, showcasing a decline of 7% YoY. The reduction in sales comes on account of i) surge in price of petroleum products, ii) economic slowdown, and iii) lower demand of Furnace Oil (FO) amid reliance on new coal-based power plants. The sales of MS dropped by 8% in Dec’23, clocking in at 0.57mn tons. Likewise, HSD sales volumes also decreased by 2% YoY, reaching 0.51mn tons during the same period. Whereas, furnace oil (FO) sales plunged by 36% YoY to 0.08mn tons in Dec’23. On an MoM basis, petroleum sales reported a fall of 10% during Dec’23. The sales of MS remained unchanged at 0.57mn tons. However, HSD dispatches plummeted by 21% MoM owing to peak demand in Nov’23 for Rabi season. Likewise, offtake of FO declined by 4% MoM in Dec’23.

During 1HFY24, sales of total petroleum products reported a decline of 15% YoY to 7.68mn tons compared to 9.03mn tons in SPLY. Product-wise data showed a reduction in all categories; the volumetric sales of MS, HSD, and FO clocked in at 3.57mn tons, 3.16mn tons, and 0.56mn tons, respectively.

PSO’s sales declines by 5% YoY in Dec’23

Company-wise analysis depicts that sales of PSO reduced by 5% YoY in Dec’23, which is on account of fall in sales of MS, HSD, and FO by 4%, 8%, and 11%, respectively. SHEL witnessed YoY drop of 18%. Meanwhile, APL and HASCOL showcased a jump sales of 6% YoY each.

During 1HFY24, petroleum sales of PSO, SHEL, and APL declined by 17%, 19%, and 6% YoY, respectively. On the flip side, HASCOL’s offtake witnessed a growth of 27% YoY in 1HFY24.

During 1HFY24, PSO’s market share dropped by 1.3% to 50.1% vis-à-vis 51.4% in 1HFY23. Whereas, the market share of SHEL dropped by 0.4% recording at 7.1% YoY in 1HFY24. Moreover, the market share of APL and HASCOL in 1HFY24 increased to 10.1% (9.2% in SPLY) and 2.6% (1.8% in SPLY), respectively. Meanwhile, the market share of other OMCs remained stable at 30.01% in 1HFY24.

Courtesy – AHL Research

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