Oil sales decline by 6% YoY in July

August 02, 2023 (MLN): The sales of oil marketing companies (OMCs) decreased by 6% YoY and while remaining almost flat MoM to clock in at 1.35 million tonnes (MTs) in July 2023 compared to 1.44 MTs in July 2022.

This decline in oil sales is primarily attributed to lower demand of Furnace Oil (FO) for power generation.

Excluding FO, oil sales are up by 10% YoY due to a low base amidst the Eid holidays in Jul 2022 and flooding across the country.

The sale of Furnace Oil (FO) dropped by 59% YoY to 0.144 MTs, while the sale of High-Speed Diesel (HSD), and Motor Spirit (MS) increased by 11% YoY, and 10% YoY to stand at 0.494 MTs, and 0.656 MTs, respectively.

On a monthly basis, the sales of FO and MS rose by 45% MoM and 2% MoM respectively, whereas the sale of HSD fell by 9% as compared to June 2023.

Company-wise, PSO's sales declined by 11% YoY due to a substantial fall in FO, which has plunged by 82% YoY.

Similarly, APL and SHEL also witnessed a decline in sales by 7.2% and 6.2% YoY, respectively.

CNERGY recorded the highest decline in sales on a yearly basis, plummeting by 33% YoY, meanwhile, HASCOL stood at the other side, marking a significant rise of 2.03x YoY.

The market share for the month of July of PSO stood at 50.22%, APL at 9.78%, SHEL at 6.96%, CNERGY at 2.07%, and HASCOL at 3.26%.

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