Fuel sales plummet 22%YoY

MG News | October 04, 2022 at 10:01 AM GMT+05:00

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October 4, 2022 (MLN): Fuel sales in the month of September plummeted by 22%YoY to 1.5 million tonnes from 1.9mn tonnes in the same month last year, the latest data released by the Oil Companies Advisory Council (OCAC) showed on Tuesday.

“Ongoing demand destruction due to higher prices & overall economic slowdown has suppressed HSD & Petrol sales during 1QFY23 down by 23% YoY,” Ismail Iqbal Securities said in a note accompanying the data.

High-speed diesel sales witnessed the most decline, falling by 26%YoY to 0.5mn tonnes compared to 0.71mn tonnes in the last year. Meanwhile, motor spirit and furnace oil sales tumbled by 22% and 24% to 0.63mn tonnes and 0.3mn tonnes respectively. However, sales of other products increased by 58%YoY to 0.1mn tonnes.

On a month-on-month basis, fuel sales remained flat at 1.5mn tonnes in September compared to 1.5mn tonnes reported in August earlier this year.

So far during the 1QFY23, fuel sales declined by 23%YoY to 4.5mn tonnes from 5.9mn tonnes in the corresponding period last year.

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