Total Petroleum sales clocked in at 1.55mn tons in Nov’22, displaying a decline of 12% YoY amid i) overall economic slowdown, ii) higher petroleum prices, and ii) lower FO-based power generation. MS depicted a fall of 3% YoY, to arrive at 0.67mn tons in Nov’22. Likewise, High Speed Diesel (HSD) volumes nosedived by 18% YoY, to settle at 0.67mn in Nov’22. Meanwhile, Furnace Oil (FO) sales volumes plunged by 22% YoY in Nov’22, reaching 0.14mn tons. On a MoM basis, petroleum offtake witnessed a drop of 7% during Nov’22 due to aforementioned reasons. Volumes of MS, HSD, and FO registered a fall of 1%, 6%, and 33% MoM, respectively.

During 5MFY23, sales of total petroleum products plummeted by 20% YoY to 7.70mn tons compared to 9.60mn tons in SPLY. Product-wise data showed a decline in all categories; offtake of MS, HSD and FO settled at 3.21mn tons, 2.84mn tons and 1.32mn tons, respectively.

Courtesy- AHL Research