Sale of Petroleum Products Surges MoM in Jan 2024
Staff Report
The sale of Petroleum Products has witnessed a 12% increase month-on-month (MoM) reaching 1.38 million tons in January 2024.
In January 2024, Pakistan’s Oil Marketing Companies (OMCs) witnessed a 12% month-on-month (MoM) increase in sales, reaching 1.38 million tons. However, this marked a 4% year-on-year (YoY) decline.
The cumulative sales for the first seven months of FY24 stood at 9.07 million tons, reflecting a significant 13% YoY decrease.
OMC Breakdown – Jan-24 Sales
| Industry | Jan-24 Sales (000′ Tons) | YoY Change |
|---|---|---|
| FO | 184 | 28% |
| HSD | 513 | -12% |
| MS | 615 | -5% |
| Others | 71 | 4% |
| Total | 1,382 | -4% |
Note: FO – Furnace Oil, HSD – High-Speed Diesel, MS – Motor Spirit
While Furnace Oil (FO) witnessed a notable 28% YoY growth in January, High-Speed Diesel (HSD) and Motor Spirit (MS) experienced declines of 12% and 5%, respectively.
EX-FO Sales Rise MoM but Decline YoY
EX-FO sales exhibited a contrasting trend in January 2024, with a 4% MoM increase but an 8% YoY decline, totaling 1.20 million tons.
The month-on-month rise was attributed to the anticipation of higher petrol and diesel prices.
For the 7MFY24 period, EX-FO sales reached 8.32 million tons, reflecting a more modest 6% YoY decrease.
OMC Wise Performance – Jan-24 Sales
| Company | Jan-24 Sales (000′ Tons) | YoY Change |
|---|---|---|
| APL | 153 | 9% |
| PSO | 658 | -7% |
| SHEL | 98 | -15% |
| HASCOL | 23 | -11% |
Among the major OMCs, Attock Petroleum Limited (APL) saw a 9% YoY increase in sales, while Pakistan State Oil (PSO) experienced a 7% decline. Shell Pakistan (SHEL) and Hascol Petroleum witnessed decreases of 15% and 11%, respectively.Why the Oil Sector continues to struggle
Summing up, while overall OMC sales showed a positive MoM trend in January 2024, the YoY figures and individual OMC performances present a mixed picture, reflecting the dynamic nature of the petroleum market in Pakistan.
