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Sales of total petroleum products clocked in at 1.44 million tons in January 2023, a massive decline of 20% on a year-on-year basis amid higher prices, decline in automobile sales, and lower Furnace Oil (FO)-based power generation, said experts.

Sale of MS (Petrol) depicted a fall of 13% YoY, amounting to 0.65 million tons in January 2023. Volume of High-Speed Diesel (HSD) nosedived 21% YoY, settling at 0.58 million in January 2023.

Meanwhile, FO sales plunged by 45% YoY in January 2023, clocking in at 0.14 million tons, data released by Arif Habib Limited (AHL) showed on Thursday.

On a month-on-month basis, offtake witnessed an improvement of 8% during January 2023. Volumes of MS, HSD, and FO registered an increase of 4%, 12% and 16% MoM, respectively.

Petroleum products: sales down 11% year-on-year to 1.33mn tons in December

During the first seven months of FY23, sales of total petroleum products plummeted by 19% YoY to 10.47 million tons compared to 12.91 million tons in the same period last year.

Product-wise data showed a decline in all categories; the offtake of MS, HSD and FO settled at 4.48 million tons, 3.95 million tons and 1.59 million tons, respectively.

Company-wise analysis shows that PSO’s offtake depicted a drop of 18% YoY in January 2023 which was majorly contributed by a decrease in sales of FO by 85% YoY, while HSD sales reported a decline of 23% YoY. MS sales of PSO remained stable.

Similarly, sales of APL (Attock Petroleum Limited) and SHEL (Shell Pakistan Limited) plunged by 13% and 15% YoY respectively, due to a fall in sales of HSD and MS. HASCOL (Hascol Petroleum Limited) witnessed a decline of 11% YoY amid lower MS sales.

During the first seven months of FY23, PSO witnessed an increase in its market share by 1.2% to 51.1% compared to 49.9% in 7MFY22.

Meanwhile, the market share of APL and SHEL remained stable at 9.2%and 7.6% YoY, respectively. Hascol's market share in the first seven months of FY23 improved to 1.8%. However, the market share of other OMCs dropped to 30.4% in 7MFY23 as compared to 31.5% in 7MFY22, the brokerage house added.

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