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Oil sales drop 19% MoM to 1.12 MTs in February

Oil sales drop 19% MoM to 1.12 MTs in February
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March 02, 2024 (MLN): The sales of oil marketing companies (OMCs) dropped by 19% MoM to clock in at 1.12 million tonnes (MTs) in February 2024 compared to 1.38 MTs in January 2024, according to data compiled by Arif Habib Limited.

Likewise, on a year-on-year basis, oil sales went down by 8% YoY compared to 1.22 MTs sales in February 2023.

Cumulatively in the ongoing fiscal year (8MFY24), sales stood at 10.18 MTs, while in 8MFY23 oil sales were reported at 11.69 MTs, depicting a decline of 13% YoY.


During the month, the sales of Furnace Oil (FO) and Motor Spirit (MS) declined by 73% and 12% MoM to stand at 50,000 tonnes and 540,000 tonnes, respectively.  

Meanwhile, the sale of High-Speed Diesel (HSD) also reduced by 13% MoM and stood at 450,000 tonnes.

On a year-on-year basis, the sales of all three products; MS, FO, and HSD dropped by 1%, 58%, and 7% respectively.


Attock Petroleum Limited witnessed the highest drop in its sale of petroleum products which stood at 110,000 tonnes, down 26% MoM.

The next in the line were Pakistan State Oil (PSO) and Shell Pakistan Limited (SHEL) with a recorded sales drop of 14% and 9% MoM, respectively.

On the other hand, HASCOL incurred a month-on-month growth of 17% to reach sales of 30,000 tonnes.

When compared with the figures of February 2023, sales of PSO, APL and SHEL diminished by 5%, 1% and 15% YoY respectively.

While the topline of HASCOL remained stable during the review period.

In 8MFY24, all OMCs experienced a notable decline in sales, except for HASCOL, which reported a 19% year-on-year growth.

PSO held dominance in the OMC industry with a market share of 50.89% in the overall industry sales in February 2024.

The market share of APL, SHEL, and HASCOL stood at 9.82%, 8.04% and 2.68% respectively during the review period.

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Posted on: 2024-03-02T13:43:37+05:00