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Petroleum Sales Drop By 11% in Nine Months of FY24

The total sale of petroleum products during the first nine months of FY24 reduced by 11 percent YoY to 11.34 million tons vis-à-vis 12.80 million tons in SPLY. Product-wise data shows a fall in all categories; the volumetric sales of MS, HSD, and FO clocked in at 5.30 million tons, 4.58 million tons, and 0.84 million tons, respectively. The total dispatches of petroleum products in March 2024 arrived at 1.15 million tons, depicting an increase of 4 percent YoY. According to Arif Habib Limited, the jump in sales comes on the back of a slight revival of economic activities, and a reduction in smuggled petroleum products from Iran. The sales of MS witnessed an increase of 3 percent in March 2024, clocking in at 0.57 million tons. Similarly, HSD sales volumes augmented by 17 percent YoY, reaching 0.46 million tons during the same period. However, furnace oil (FO) sales plunged by 48 percent YoY to 0.04 million tons in March 2024 amid lower dependency on FO based power plants. On an MoM basis, petroleum sale s registered a growth of 3 percent during March 2024 on account of fewer days in February, and an increasing price trend in MS. The sales of MS ascended by 5 percent MoM. Likewise, the offtake of HSD increased by 4 percent MoM in March 2024. Whereas, FO dispatches plummeted by 11 percent MoM. On a company-wise basis, the sales of PSO improved by 11 percent YoY on March 24, owing to higher sales of MS, and HSD by 13 percent, and 15 percent, respectively. Similarly, the offtake of SHEL witnessed a jump of 6 percent YoY. Whereas, sales of APL and HASCOL tumbled by 9 percent and 41 percent YoY, respectively during March 2024. During 9MFY24, petroleum sales of APL, PSO, and SHEL descended by 4 percent, 13 percent, and 16 percent YoY, respectively. Meanwhile, HASCOL being an outlier showcased a growth of 9 percent YoY. During 9MFY24, PSO's market share dropped by 0.6 percent to 50.0 percent vis-à-vis 50.7 percent in 9MFY23. Whereas, the market share of SHEL dropped by 0.4 percent arriving at 7.3 percent YoY in 9 MFY24. Moreover, the market share of APL and HASCOL in 9MFY24 increased to 10.1 percent (9.4 percent in SPLY) and 2.5 percent (2.0 percent in SPLY), respectively. Meanwhile, the market share of other OMCs remained stable at 30.1 percent in 9MFY24. Source: ProPakistani

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