Oil sales down 8% YoY in August, up 4% MoM

September 04, 2023 (MLN): The sales of oil marketing companies (OMCs) decreased by 8% YoY and rose 4% MoM to clock in at 1.41 million tonnes (MTs) in August 2023 compared to 1.53 MTs in August 2022 and 1.35 MTs in July.

The YoY decline in oil sales is primarily attributed to the surge in petroleum prices, macroeconomic conditions, and a decrease in FO-based power generation.

The sale of Furnace Oil (FO) dropped by 64% YoY to stand at 0.12 MTs. Conversely, the sale of High-Speed Diesel (HSD), and Motor Spirit (MS) rose by 11% YoY and 5% YoY to stand at 0.55 MTs and 0.67 MTs respectively.

On a monthly basis, the sales of HSD and MS rose by 11% MoM and 2% MoM respectively, whereas the sale of FO fell by 18% MoM in August 2023.

In 2MFY24, the oil sales reduced by 7% YoY to reach at 2.76 MTs compared to 2.97 MTs in 2MFY23.

PSO's sales reduced by 10% YoY due to a major decline in FO sales by 84%. While sales for MS and HSD rose by 18%, and 25% YoY, respectively.

Similarly, APL and SHEL also witnessed a decline in sales by 5% and 9% YoY, respectively. However, HASCOL's sales showed a significant increase of 60% YoY.

In 2MFY24, PSO’s market share declined by 1.4% to 50.9% as compared to 52.3% in 2MFY23.

Whereas, the market share of SHEL dropped to 6.96% YoY 2MFY24 from 7.10% in the same period last year.

Meanwhile, the market share of APL and HASCOL increased to 10.2% and 2.9% compared to 10% and 1.7% in SPLY.

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