KARACHI: The sales of petroleum products in the country increased by 15 percent on year-on-year basis to 1.58 million tons in November 2024, marking a 25-month high.
This increase was driven by reduced prices, macroeconomic stabilization, and a decline in smuggling, analysts said.
Total sales for the five months of FY25 totaled at 6.8 million tons, a 5.0 percent YoY rise compared to 6.5 million tons in the same period in FY24.
Excluding furnace oil (Ex-FO) sales of petroleum products in November 2024 were 1.54 million tons, reflecting a 19 percent YoY and 7.0 percent MoM rise. For the five months of FY25, ex-FO sales totaled 6.5 million tons with 8.0 percent YoY rise.
Product wise data showed, the Motor Spirit (MS) sales saw a rise of 17 percent YoY while flattish MoM to 666,000 tons in November 2024.
High-Speed Diesel (HSD) sales hit a 30-month high to 788,000 tons. This was due to 15 percent YoY reduction in diesel prices and increased seasonal demand due to agricultural activities, Myesha Sohail an analyst at Topline Securities said.
FO sales for November 2024 fell by 55 percent YoY and 36 percent MoM to 37,000 tons. This decrease is due to lower power generation from FO-based power plants, Myesha added.
Among the listed entities, Attock Petroleum (APL) sales clocked in at 131,000 tons in November 2024, an 8.0 percent YoY and 5.0 percent MoM rise primarily driven by 31 percent YoY and 29 percent MoM rise in HSD sales. APL has market share of 7.96 percent in MS and 8.52 percent in HSD, down 25bps and up 95bps respectively from October 2024.
Pakistan State Oil (PSO) saw a rise of 12 percent YoY and 15 percent MoM to 799,000 tons in November 2024. PSO’s market share in HSD and MS clocked in at 54.4 percent and 44.6 percent, up 588bps and 176bps MoM, respectively in November 2024.
“PSOs overall market share has risen from 47 percent in October 2024 to 51 percent in November 2024 primarily led by increase in HSD market share to 54.4 percent as mentioned above.”
Shell Pakistan (SHEL) saw a 12 percent YoY rise but a 2.0 percent MoM fall to 103,000 tons. HASCOL sales clocked in at 34,000 tons, up 6.0 percent YoY but down 25 percent MoM.
“The government has set a Petroleum Development Levy (PDL) collection target of Rs 1.28 trillion for FY25 of which Rs 469 billion (37 percent) has been collected in the first five months of FY25, we believe,” Myesha said.
Copyright Business Recorder, 2024
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