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KARACHI: Total petroleum and lubricant sales clocked in at 1.96 million tons in September 2021, depicting an increase of 29 percent on year-on-year basis amid significant growth in retail fuel sales.

The growth in sales volumes is primarily attributable to surge in economic activity amid higher trade activity and growth in large scale manufacturing on account of rising demand from both local and foreign consumers; higher HSD demand from agriculture sector; robust growth in automobile sales numbers; rising tourism in Pakistan; strict control on borders which reduced supply of smuggled fuel and higher reliance on FO-based power plants, Arsalan Hanif at Arif Habib Limited said.

During the first quarter of FY22, sales of total petroleum products increased by 24 percent on YoY to 5.86 million tons versus 4.74 million tons in the same period last year.

Dissection of data revealed that double digit growth came from MS, HSD and FO with offtake undergoing a jump to 2.35 million tons, 2.09 million tons and 1.28 million tons (amid higher requirement from FO based power plants), up by 14 percent, 27 percent and 38 percent on YoY against 2.06 million tons, 1.65 million tons and 0.92 million tons in the same period last year, respectively.

POL products’ prices increased

Company-wise analysis demonstrates that PSO posted massive growth of 42 percent on YoY in September 2021 which was majorly contributed by sales growth of MS and HSD by 39 percent and 61 percent on YoY, respectively. "If we exclude PSO's growth then September'21 sales growth will come down from 29 percent on YoY to 17 percent on YoY," Arsalan Hanif said.

This growth was followed by SHEL portraying growth of 36 percent on YoY. Likewise, APL also followed suit and registered a growth of 22 percent on YoY, in September'21. However, HASCOL posted a massive decline of 56 percent on YoY due to decline in sales volumes of MS (down 53 percent on YoY) and HSD (down 59 percent on YoY).

During the first half of FY22, PSO managed to expand its market share by 4.0 percent on YoY to 51.6 percent compared to 47.6 percent in the first quarter of FY21. Likewise, market share of APL and SHEL remained stable at 9.7 percent and 7.3 percent. However, market share of HASCOL and Others dropped by 3.3 percent and 0.8 percent on YoY to 1.6 percent (4.8 percent in the first quarter of FY21), and 29.9 percent (30.6 percent in the first quarter of FY21), respectively.

Copyright Business Recorder, 2021

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