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KARACHI: Total petroleum sales reached 2.18 million tons in April 2022, registering an increase of 30 percent on year-on-year and 19 percent on month-on-month basis.

The growth in sales volumes was primarily attributable to jump in auto sales that led to a surge in demand of MS, higher reliance on FO-based plants and commencement of the harvesting season that augmented HSD demand, said Muhammad Iqbal Jawaid of the Arif Habib Limited.

The MS volumes clocked in at 0.77 million tons in April ’22, registering a growth of 14 percent on YoY, but dropping 1.0 percent, on MoM basis. The volumes of High Speed Diesel (HSD) increased by 17 percent on YoY and 33 percent on MoM basis, settling at 0.92 million in April.

Moreover, Furnace Oil (FO) sales volumes swelled by 146 percent on YoY and 53 percent on MoM basis in April, reaching 0.43 million tons largely on account of higher demand from IPPs.

During the first 10 months of FY22, sales of total petroleum products climbed up by 17 percent on YoY basis to 18.44 million tons against 15.83 million tons in the same period last year.

A product-wise breakdown of data showed that double digit jump was witnessed in all the categories; the offtake of MS, HSD and FO clocked in at 7.45 million tons, 7.30 million tons and 3.11 million tons, respectively.

A company-wise analysis shows that PSO posted a growth of 57 percent on YoY basis in April which was mainly due to increase in sales of MS, HSD and FO by 13 percent, 40 percent and 302 percent on YoY basis, respectively.

Sales of APL and SHEL also registered a jump of 29 percent and 15 percent on YoY basis, respectively. However, HASCOL’s offtake plummeted by 74 percent on YoY basis amid a hefty fall in MS and HSD volumes.

During the first 10 months of FY22, PSO’s market share climbed up by 5.0 percent on YoY basis to 51 percent, as against 46 percent in the first 10 months of FY21. Similarly, market share of APL and SHEL remained unchanged at 9.0 percent and 8.0 percent, respectively. But market share of HASCOL dropped by 3.0 percent on YoY basis to 1.0 percent (4.0 percent in first 10 months of FY21).

Meanwhile, market share of other Oil Marketing Companies declined to 31 percent in the first 10 months of FY22 from 33 percent in the same period last year.

Copyright Business Recorder, 2022

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