Experts said that the increased volumetric sales of NRL over FY11 translated into 3 percent increase in market share in favour of NRL. ATRL on the other hand increased its market share in SKO and JP sales by 11 percent and 6 percent respectively.

FO being the only energy product with negative GRMs, reduction of its contribution towards the product mix of ATRL bodes well for the company. However, an increase in FO's share in the product mix of NRL will hurt the company's earnings.

Industry witnessed 97 percent increase in GRMs backed by rising crude oil prices. Average GRMs for NRL over FY11 stood at USD11.9/bbl while for ATRL, GRMs stood at USD5.7/bbl. Currently GRMs remain high and continue to benefit refineries with NRL outperforming peers due to its lube segment. ATRL, on the other hand, draws a strong support from its non-refinery operations.

Copyright PPI (Pakistan Press International), 2011