Pakistan saw during 8MFY25, petroleum sales increase by 4% YoY

Pakistan’s OMC industry saw a 2% YoY growth in petroleum sales, reaching 1.14 million tons in February ’25.
The improvement in sales is attributable to i) resurgence of demand for MS amid lower price of petrol, ii) curbs on smuggled petroleum from Iran, iii) jump in automobile sales, and iv) higher demand for FO-based power generation.
HSD sales experienced a 4% YoY decline, settling at 0.43mn tons in Feb’25, compared to 0.45mn tons in SPLY. The decline in HSD offtake is due to overall low demand.
Meanwhile, MS dispatches witnessed an uptick of 2% YoY, reaching 0.56mn tons in Feb’25.
FO sales volumes climbed by 7% YoY, clocking in at 0.05mn tons.
On a MoM basis, petroleum sales declined by 18% in Feb’25, on account of: i) fewer days in February compared to January, ii) fall in petroleum consumption amid higher price of MS and HSD, and iii) a reduction in the reliance on FO-based power generation, we view.
MS, HSD, and FO offtake plummeted by 11%, 29%, and 9% MoM, respectively, in February ’25.
On a cumulative basis, total petroleum product sales for 8MFY25 increased by 4% YoY, clocking in 10.55mn tons, compared to 10.18mn tons in SPLY.
Product-wise, MS and HSD showcased growth, while FO sales declined. The volumetric sales for MS, HSD, and FO were 4.93 million tons, 4.49 million tons, and 0.46 million tons, respectively.

PSO’s sales declined by 17% YoY in Feb’25

On a company-wide basis, PSO’s sales declined by 17% year over year, clocking in at 0.47 million tons in February ’25.
PSO’s offtake of MS, HSD and FO tumbled by 13%, 24% and 79% YoY, respectively.
Similarly, the offtake of APL also dwindled by 10% YoY to 0.10mn tons.
The dispatches of SHEL declined by 6% YoY while HASCOL’s dispatches surged by 113% YoY.
In 8MFY25, sales of PSO, APL and SHEL’s declined by 6%, 21% and 7% YoY, respectively.
HASCOL stood out as an outlier, posting 17% growth YoY in 8MFY25.
PSO’s market share in 8MFY25 significantly declined by 5% to 45% vis-à-vis 50% in SPLY.
The market share of APL decreased by 1% arriving at 9% YoY in 8MFY25.
On the other hand, the market share of SHEL remained same in 8MFY25.
HASCOL’s market share in 8MFY25 declined to 9% (10% in SPLY).
The market share of Gas and Oil Pakistan Ltd (GO) increased significantly to 10% in 8MFY25 compared to only 3% in SPLY.
Meanwhile, the market share of other OMCs witnessed a decline of 1% to arrive at 26% in 8MFY25.
With this, the Petroleum Development Levy (PDL) collection in 8MFY25 stands at ~PKR 753bn (monthly average of ~PKR 94bn).
To recall, the Federal Government has set a PDL target of PKR 1,281bn (monthly average of PKR 107bn) for FY25.