OMC’s Sale in May 2024 Sees Rebound Led by Lower Prices

Staff Report

The OMC industry saw a 7.2% YoY increase in May 2024, with total volumes reaching 1,389 K tons due to ease in prices and the reduced influx of Iranian oil.

This reduced the overall volume decline in the first eleven months of FY24 to 9.4% YoY, totaling 13,831 K tons.

High-Speed Diesel (HSD) volumes increased by 18.0% YoY, followed by a 0.7% YoY increase in Motor Spirit (MS), respectively.

However, Furnace Oil (FO) volumes decreased by 24.2% YoY, reflecting a shift in electricity generation patterns. HSD and MS volumes increased due to a 5.6% YoY and 7.1% YoY decrease in product prices during the month and a reduced influx of Iranian products.

Meanwhile, FO sales decreased due to lower demand from the power sector and higher generation costs amid subdued industrial activity.

PSO Sale

PSO’s Volumes increased 11.0% YoY in May-24, taking 11MFY24 volume decline to 10.0% Pakistan State Oil (PSO) recorded a volume of 665 K tons in May-24, showing a 11.0% increase YoY and a 10.0% decline over 11MFY24, with total volumes at 6,895 K tons. PSO Faces Rs 10.4 Billion Consolidated Losses

During May 24, volumes increased across the board, with upticks of 3.4% YoY, 15.2% YoY, and 41.7% YoY in the sale of MS, HSD, and FO, respectively.

SHELL Sale

Shell’s Volumes increased 12.7% YoY in May-24, taking 11MFY24 volume decline to 13.4% YoY Shell Pakistan achieved a volume of 100K tons in May-24, marking a 12.7% YoY increase.

The company also observed a 13.4% decrease in volume for 11MFY24, totaling 1,008 K tons. This reflected an industry-wide trend in decreasing volumes with declines in volumes of MS during May 24.

Shell, however, witnessed even higher declines in MS and HSD during 11MFY24.

APL Sale

APL’s volumes increased 13.6% YoY in May-24, taking 11MFY24 volume decline to 3.7% Attock Petroleum Limited (APL) reported a reduction in volumes by 13.6% YoY to 140 K tons in May-24, with a 3.7% decline in volumes for 11MFY24, reaching 1,247 K tons.

Despite downturns, APL showed resilience in MS and HSD against broader industry pressures, with MS and HSD volumes increasing by 3.4% YoY and 5.6% YoY during 11MFY24.

Hascol Sale

Hascol’s volumes reduced 38.7% YoY in May-24, taking 11MFY24 volume decline to 3.3% Hascol Petroleum experienced a significant 38.7% YoY decline in May-24 volumes, down to 41 K tons, marking a 3.3% decrease in 11MFY24 volumes, which amounted to 346 K tons.

Cnergyico Sale

Cnergyico’s sale volumes rose 2.7x YoY in May-24, taking 11MFY24 volume growth to 25.6% Cnergyico Pk Limited exhibited exceptional growth with a 167.1% YoY increase in May 24 volumes, totalling 53 K tons, and a 25.6% increase in 11MFY24 volumes, reaching 417 K tons.