Total Petroleum sales settled at 1.52mn tons in Sep’22, showing a decrease of 22% YoY owed to i) restricted mobility due to heavy rains and flash floods in the previous month, ii) massive surge in petroleum prices, iii) lower FO-based power generation, and iv) drop in automobile sales. Hence, MS registered a decline of 22% YoY, to arrive at 0.63mn tons in Sep’22. Similarly, High Speed Diesel (HSD) volumes went down by 26% YoY, to clock-in at 0.52mn in Sep’22. Whereas, Furnace Oil (FO) sales volumes plunged by 25% YoY in Sep’22, to settle at 0.30mn tons. Meanwhile, petroleum offtake remained stable MoM during Sep’22. MS and FO volumes reported a fall of 1% and 5% MoM, respectively. Whereas, HSD sales recorded a growth of 5% MoM in Sep’22.

During 1QFY23, sales of total petroleum products shrunk by 23% YoY to 4.49mn tons against 5.86mn tons in SPLY. Product-wise data showed a decline in all categories; offtake of MS, HSD and FO settled at 1.86mn tons, 1.46mn tons and 0.98mn tons, respectively.

Company-wise analysis shows that PSO’s offtake depicted a decline of 19% YoY in Sep’22 which was majorly contributed by plunge in sales of MS, HSD and FO by 24%, 23% and 14% YoY, respectively. Similarly, sales of APL, SHEL and HASCOL also slumped by 31%, 22% and 5% YoY, respectively given fall in sales of MS and HSD.

During 1QFY23, market share of PSO, APL, SHEL and HASCOL remained unchanged at 52%, 10%, 7% and 2% YoY, respectively. Meanwhile, market share of other OMCs declined to 29% in 1QFY23 compared to 30% in 1QFY22 .

Courtesy- AHL Research