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KARACHI: Total petroleum products’ sales clocked in at 1.55 million tons in November 2022, displaying a decline of 12 percent on year-on-year basis amid overall economic slowdown, higher petroleum prices and lower FO-based power generation, experts said.

MS depicted a fall of 3.0 percent YoY, to arrive at 0.67 million tons in November 2022. Likewise, High Speed Diesel (HSD) volumes nosedived by 18 percent YoY, to settle at 0.67 million in November 2022, Muhammad Iqbal Jawaid at Arif Habib Limited said. Meanwhile, Furnace Oil (FO) sales volumes plunged by 22 percent YoY in November 2022, reaching 0.14 million tons.

On a month-on-month basis, petroleum offtake witnessed a drop of 7.0 percent during November 2022 due to aforementioned reasons. Volumes of MS, HSD, and FO registered a fall of 1.0 percent, 6.0 percent and 33 percent MoM, respectively.

During the first five months of FY23, sales of total petroleum products plummeted by 20 percent YoY to 7.70 million tons compared to 9.60 million tons in the same period last year.

Oil sales up 9% in October amid improved mobility post-floods

Product-wise data showed a decline in all categories; offtake of MS, HSD and FO settled at 3.21 million tons, 2.84 million tons and 1.32 million tons, respectively.

Company-wise analysis shows that PSO’s offtake depicted a drop of 2.0 percent on YoY in November 2022 which was majorly contributed by a decrease in sales of FO by 60 percent YoY, while HSD reported a jump of 8.0 percent YoY. MS sales of PSO remained stable.

Similarly, sales of APL and SHEL plunged by 21 percent YoY each due to a fall in sales of MS and HSD. HASCOL witnessed a growth of 16 percent YoY amid higher MS and HSD sales.

During the first five months of FY23, PSO managed to increase its market share by 1.2 percent to 52.2 percent compared to 51 percent in the same period last fiscal year.

Meanwhile, market share of APL and SHEL remained stable at 9.2 percent and 7.4 percent YoY, respectively. HASCOL’s market share in the first five months of FY23 improved to 1.8 percent against 1.4 percent in the same period last fiscal year. However, the market share of other OMCs declined to 29.5 percent in the first five months of FY23 as compared to 30.6 percent in the same period last fiscal year.

Copyright Business Recorder, 2022

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