BUSINESS

petroleum sales increased by 30%. In April

KARACHI: Total petroleum product sales in Pakistan increased by 30% year on year and 19% month on month to reach 2.18 million tonnes in April 2022, according to a report.
“The increase in sales volumes was primarily due to an increase in auto sales, which resulted in a surge in demand for motor spirit (MS), a greater reliance on furnace oil (FO) based plants, and the start of harvesting season, which augmented high speed diesel (HSD) demand,” said Muhammad Iqbal Jawaid of Arif Habib Limited.

As a result, MS volumes increased by 14% year on year to 0.77 million tonnes during the month under review, while decreasing by 1% month on month.

Furthermore, HSD volumes increased by 17% year on year and 33% month on month, reaching 0.92 million in April 2022. Furthermore, FO sales volumes increased by 146% year on year and 53% month on month in April, reaching 0.43 million tonnes due to increased demand from independent power producers (IPPs).

Total petroleum product sales increased by 17% to 18.44 million tonnes in the first ten months of fiscal year 2022, compared to 15.83 million tonnes in the same time last year.

Product data revealed a double-digit increase in all categories, with MS offtake at 7.45 million tonnes, HSD at 7.30 million tonnes, and FO at 3.11 million tonnes.

According to the company-level data, Pakistan State Oil (PSO) grew by 57% year on year in April 2022, owing mostly to a 13% increase in MS, 40% increase in HSD, and 302% increase in FO sales.

Similarly, sales of Attock Petroleum Limited (APL) and SHEL increased by 29% and 15% year on year, respectively, although HASCOL’s offtake decreased by 74% due to a significant drop in MS and HSD volumes.

During the first ten months of fiscal year 2022, the PSO’s market share increased by 5% year on year to 51%, up from 46% during the same period the previous fiscal year.

Similarly, APL and SHEL’s market shares remained steady at 9% and 8%, respectively, while HASCOL’s market share fell 3% year on year to 1%, from 4% in the same time previous year. Meanwhile, the market share of other oil marketing companies (OMCs) fell 31% during the review period, compared to 33% during the same time in fiscal year 2021.

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