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KARACHI: Pakistan oil sales have increased by 26 percent on year-on-year basis to 1.97 million tons, which is the highest since May-2018.

Oil sales are also up 1.0 percent on month-on-month basis, where as oil sales during the first two months of FY22 clocked in at 3.9 million tons, up 22 percent on YoY.

FO sales improved by 63 percent on YoY to 0.5 million tons in August 2021 primarily led by rising LNG prices and shortage in the world LNG supply which is an alternative fuel for FO, Umair Naseer, at Topline Securities said.

Growth in oil sales is also fueled by economic recovery as last year sales were mainly impacted by lockdowns and economic slowdown, he added.

Consequently, MOGAS (MS) and High Speed Diesel (HSD) sales are up 6.0 percent on YoY and 32 percent YoY, respectively.

Strong auto sales have also led to growth in these categories during the period under review.

Companywise data shows that Pakistan State Oil (PSO), Attock Petroleum (APL) and Shell Pakistan (SHEL) have gained in terms of their market share.

PSO posted growth of 36 percent on YoY as its oil sales clocked in at 1.0 million tons. PSO's FO sales have jumped by 80 percent on YoY as its market share in this segment improved to 66 percent in August 2021versus 60 percent in August 2020.

APL's oil sales also improved by 56 percent on YoY to 0.2 million tons, where as SHEL's sales are up 28 percent on YoY to 0.1 million tons.

HASCOL witnessed a decline of 76 percent on YoY in August 2021 as it continues to lose its market share as it stands at just 1.0 percent compared to 10 percent three years back.

Copyright Business Recorder, 2021

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