Total petroleum sales settled at 1.44mn tons in Jan’23, showing a fall of 20% YoY owed to i) a surge in petroleum prices, ii) economic slowdown, iii) a massive slump in automobile sales, and iv) lower FO-based power generation. MS depicted a decline of 13% YoY, to settle at 0.65mn tons in Jan’23. Similarly, High Speed Diesel (HSD) volumes reduced by 21% YoY, to arrive at 0.58mn in Jan’23. Moreover, Furnace Oil (FO) sales volumes plummeted by 45% YoY in Jan’23, clocking in at 0.14mn tons. On a MoM basis, petroleum sales witnessed a jump of 8% during Jan’23 given the anticipated hike in the petroleum prices led to advance buying. Hence, volumes of MS, HSD, and FO registered a growth of 4%, 12%, and 16% MoM, respectively.

During 7MFY23, sales of total petroleum products plunged by 19% YoY to 10.47mn tons versus 12.91mn tons in SPLY. Product-wise data showed a decline in all categories; the offtake of MS, HSD, and FO settled at 4.48mn tons, 3.95mn tons, and 1.59mn tons, respectively.

PSO’s offtake down by 18% YoY in Jan’23

Company-wise analysis shows that PSO’s offtake displayed a reduction of 18% YoY in Jan’23, which was majorly contributed by a fall in sales of HSD and FO by 23%, and 85% YoY, respectively. Whereas, MS sales of PSO showed an uptick of 1% YoY in Jan’23. Similarly, sales of HASCOL, APL and SHEL slumped by 11%, 13%, and 15% YoY, respectively.

During 7MFY23, PSO managed to expand its market share by 1.2% to 51.1% compared to 49.9% in 7MFY22. Meanwhile, market share of APL and SHEL remained stable at 9.2%, and 7.6% YoY, respectively. Whereas HASCOL’s market share in 7MFY23 improved to 1.8% (1.5% in SPLY). However, the market share of other OMCs dropped to 30.4% in 7MFY23 vis-à-vis 31.5% in 7MFY22.

Courtesy- AHL Research