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KARACHI: Total petroleum and lubricant sales clocked-in at 1.69 million tons in May 2021, depicting an increase of 14 percent on year-on-year basis.

Ex- FO growth of 14 percent on YoY and 2 percent on month-on-month basis and meager growth of 1.0 percent on MoM due to week long holidays of Eid and country was under lockdown to slow down impact of third wave resulting in a slow-down in sales volumes, analysts said.

The growth in sales volumes is primarily attributable to economy displayed remarkable recovery as provisional data portrayed GDP growth of 3.94 percent compared to decline of 0.47 percent in FY20, massive growth in large scale manufacturing and rising demand, bumper crop of wheat and growth in agriculture output resulting in higher sales of HSD, over 50 percent growth in automobile offtake and strict surveillance of borders to control dumped fuel, Arsalan Hanif at Arif Habib Limited said.

During the first 11 months of FY21, sales of total petroleum products increased by 18 percent on YoY to 17.52 million tons as compared to 14.83 million tons in the same period of FY20.

Dissection of data revealed that major contribution to growth came from HSD and FO with offtake undergoing a jump to 6.92 million tons and 2.65 million tons, up by 19 percent and 45 percent on YoY against 5.83 million tons and 1.82 million tons in the same period last year.

Company-wise analysis demonstrates that SHEL posted massive growth of 35 percent on YoY in May’21 which was majorly contributed by sales growth of HSD by 59 percent on YoY. This growth was followed by PSO portraying growth of 22 percent on YoY (if exclude PSO’s growth then May’21 YoY sales growth will come down from 14 percent on YoY to 8 percent on YoY). Likewise, APL also followed suit and registered a growth of 3 percent on YoY, in May’ 21. However, HASCOL posted a decline of 50 percent on YoY due to decline in MS and HSD sales by 42 percent on YoY and 55 percent on YoY, respectively.

During the 11 months of FY21, PSO managed to expand its market share by 2.9 percent on YoY to 46.1 percent compared to 43.2 percent in the same period in FY20. Albeit, new entrants have been giving a tough time to existing players as their overall market share has increased by 1.6 percent on YoY to 33.0 percent against 31.4 percent in the same period last year. HASCOL, APL and SHEL’s market share dropped by 2.7 percent, 1.6 percent and 0.2 percent on YoY to 4.1 percent (6.8 percent in 11MFY20), 8.9 percent (10.5 percent in 11MFY20) and 7.9 percent (8.1 percent in 11MFY20), respectively.

Copyright Business Recorder, 2021

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