Sale of total petroleum products in Pakistan clocked in at 1.15 million tons in March, an increase of 4% year-on-year.
“The increase in YoY oil sales comes after 21 months,” said Topline Securities in a note on Tuesday. “Improvement in oil sales signals some stability in economic activities,” the brokerage house added.
However, furnace-oil (FO) sales nosedived by 48% YoY in March 2024, amounting to 0.04 million tons.
Sale of MS (petrol) increased 3% YoY, clocking in at 0.57 million tons in March. The volume of High-Speed Diesel (HSD) jumped by 17% YoY, settling at 0.46 million tons in March 2024.
On a month-on-month (MoM) basis, POL products’ offtake witnessed an increase of 3% during March.
Volumes of MS inched improved by 5%, whereas HSD offtake increased by 4%.
“MoM jump in OMC’s sales is due to a lower base amid fewer days in February 2024 and expectations of an increase in fuel prices,” said Topline.
Meanwhile, FO sales registered a decline of 11% MoM.
During the first nine months of FY24, sales of total petroleum products dropped by 11% YoY to 11.34 million tons compared to 12.80 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 5.30 million tons, 4.58 million tons and 0.84 million tons, respectively, reflecting a decline of 5%, 5% and 53%.
Company-wise, PSO’s offtake depicted an increase of 11% YoY in March 2024, which was majorly driven by an increase in sales of MS and HSD, which improved 13% and 15%, respectively. Meanwhile, sales of FO registered a decline of 66% YoY.
On the other hand, sales of Attock Petroleum Limited (APL) and Hascol Petroleum Limited (HASCOL) decreased by 9% and 41% YoY, respectively, amid a fall in sales of all products.
However, Shell Petroleum Limited (SHEL) sales witnessed an increase of 6% YoY.
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