Pakistan OMCs sales at 1.5mn tons in Aug-2022, up 6% MoM

Pakistan oil sales increased by 6% MoM in Aug-2022 driven by High Speed Diesel (HSD) and Motor Spirit (MS) demand which improves by 12% and 7% MoM respectively. This rise is partly attributable to the resumption of economic activities in the first half of the month, but it is mostly due to a low base, with sales on Jul-2022 being the lowest since Feb-2021 due to the Monsoon session and Eid holidays.

On YoY basis, Oil sales fell by 22% in August owing to severe floods that hampered transportation and agriculture activities, resulting in significant economic losses.

Furnace oil (FO) sales went down by 35% YoY and 7% MoM which we believe due to lower FO based power generation during the month of Aug-2022. The widespread power outages in flood-affected regions caused by recent heavy rains and floods have decreased the overall power demand.

Amongst the listed companies, HASCOL sales recorded the highest increase of 30% MoM, (led by pickup in HSD sales by 74% MoM), followed by Shell Pakistan (SHEL) 10% MoM while Attock Petroleum’s (APL) and Pakistan State Oil’s (PSO) sales increased by 8% MoM and 4% MoM, respectively.

HASCOL share in MS recorded an increased from 1.2% in Aug-2021 to 2.7% Aug-2022, where Pakistan State Oil (PSO) and Shell Pakistan (SHEL) share decreased by 0.4% YoY in Aug-2022 in MS market share.

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