KARACHI: Pakistan’s oil sales in July 2023 clocked in at 1.35 million tons, down 6.0 percent on YoY and flat on month-on-month basis. However, oil sales excluding Furnace Oil (FO) clocked in at 1.2 million tons in July 23, up 10 percent YoY while down 3.0 percent MoM.
High Speed Diesel (HSD) down 9.0 percent on MoM to 494,000 tons in July 2023. “The decline is due to smuggle of Iranian oil into Pakistan,” Myesha Sohail at Topline Securities said. However, HSD sales are up 11 percent YoY amid increase in demand from the rice and cotton harvesters.
MS sales increased by 2.0 percent MoM to 656,000 tons in July 2023. This is mainly due to seasonal effect of Eid holidays and summer vacations.
FO sales for July 2023 fell by 59 percent YoY to 144,000 tons while FO sales jumped 44 percent MoM due to higher demand for power generation.
Among listed entities, Pakistan State Oil (PSO) sales for July 2023 declined by 5.0 percent YoY to 678,000 tons. This was primarily due to lower sales recorded in FO (down 82 percent YoY).
Shell Pakistan (SHEL) sales declined by 3.0 percent YoY to 94,000 tons. Similarly, Attock Petroleum (APL) sales also declined by 5.0 percent YoY to 132,000 tons.
PSO’s market share for July 2023 stood at 50 percent similar to last year of July 2022. However, it increased from last month of 48 percent.
SHEL’s market share for July 2023 stood at 7.0 percent against 6.7 percent in July 2022 and 7.1 percent in June 2023. Whereas APL share for July 2023 stood at 9.8 percent against 9.6 percent in July 2022 and 11.2 percent in June 2023.
Copyright Business Recorder, 2023
Comments
Comments are closed for this article.