OMC volumes fall to 1.4m tons in November

December 02, 2025 (MLN): Pakistan’s oil marketing companies (OMCs) witnessed a decline in sales volume for November 2025, clocking in at 1.4 million tons.

This represents a 10% decrease compared to the same period last year (YoY) and a 5% drop from the previous month (MoM), according to data compiled by Topline Securities.

The decline is largely attributed to a high base effect from November 2024, a month that saw OMC sales hit a 25-month peak.

That surge was driven by record High-Speed Diesel (HSD) sales amid price stability, an improving economic landscape, and stricter controls on fuel smuggling.

Despite the monthly dip, the cumulative sales for the first five months of the fiscal year 2026 (5MFY26) reached 6.81m tons, marking a modest increase of 1% compared to 6.75m tons in the same period last year.

Product-Wise Performance

The decline was observed across all major petroleum products:

Motor Spirit (MS/Petrol): Sales fell by 9% YoY and 7% MoM to 608,000 tons. Prices for MS remained stable during the month, averaging Rs265 per litre.

High-Speed Diesel (HSD): Volumes dropped by 13% YoY and 4% MoM to 683,000 tons. Unlike petrol, HSD prices saw an uptick, rising by 3% from an average of Rs273.02 per litre in October to Rs281.44 per litre in November.

Furnace Oil (FO): Sales plummeted by 32% YoY and 9% MoM to just 25,000 tons. Cnergyico (formerly Byco) remained the primary supplier, contributing 16,000 tons to the total.

Excluding Furnace Oil, total industry sales stood at 1.39m tons for the month, down 9% YoY.

Company-Wise Breakdown

Performance varied significantly among the major market players:

Pakistan State Oil (PSO): The state-owned giant saw sales of 643,000 tons, a 19% YoY decline, though volumes remained flat on a month-on-month basis.

Despite the YoY drop, PSO strengthened its market position, with its overall market share rising to 45.36% in November (up 241 basis points from October).This was led by a dominant 48.08% share in the HSD market.

Attock Petroleum (APL): APL recorded sales of 109,000 tons, down 17% YoY and 12% MoM. The decline was driven mainly by lower HSD sales.The company’s market share dropped slightly in both the MS and HSD segments.

Wafi Energy (WAFI): Bucking the trend, Wafi Energy posted an 8% YoY increase in sales, totaling 112,000 tons, although this was an 8% decline compared to October.

Hascol Petroleum: Sales stood at 34,000 tons, showing a 2% YoY and 19% MoM decrease. Looking ahead, Topline Securities expects oil sales for the full fiscal year (FY26) to grow in the range of 7-10%.

On the fiscal front, the government appears to be on track with its revenue targets. The Petroleum Development Levy (PDL) collection target for FY26 is set at Rs1.47 trillion.

Estimates suggest that Rs621 billion, approximately 42% of the annual target, has already been collected in the first five months of the fiscal year.

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