Oil sales drop 6% YoY to 1.10 MTs in April 2024
MG News | May 03, 2024 at 12:40 PM GMT+05:00
May 03, 2024 (MLN): The sales of oil marketing companies (OMCs) dropped by 6% YoY to clock in at 1.10 million tonnes (MTs) in April 2024 compared to 1.17 MTs in April 2023.
Likewise, on a month-on-month basis, oil sales fell 4% MoM compared to 1.15 MTs sales in March 2024.
Cumulatively in the ongoing fiscal year (10MFY24), sales stood at 12.44 MTs, while in 10MFY23 oil sales were reported at 13.97 MTs, depicting a drop of 11% YoY.
Product-Wise
During the month, the sales of Furnace Oil (FO) and Motor Spirit (MS) dropped by 59% and 9% YoY to stand at 29,775 tonnes and 530,381 tonnes, respectively.
Meanwhile, the sale of High-Speed Diesel (HSD) increased by 2% YoY and stood at 469,276 tonnes.
On a month-on-month basis, the sales of MS and FO have dropped by 7% and 33%, respectively, while sales of HSD inched up by 1%.
Company-Wise
Hascol Petroleum Limited (HACOL) witnessed the highest drop in its sales of petroleum products which stood at 27,050 tonnes, down by 23% YoY.
Attock Petroleum Limited was next in line with decreased sales, falling by 18% year-on-year to stand at 98,730 tonnes.
Moreover, the sales of Pakistan State Oil (PSO) and Shell Pakistan Limited (SHEL) also recorded a drop of 3% and 7%, respectively.
When compared with the figures of March 2024, sales of PSO, APL and SHEL decreased by 6%, 4% and 14% MoM respectively.
While the topline of HASCOL increased by 6% MoM.
In 9MFY24, all OMCs experienced a notable decline in sales, except for HASCOL, which reported a 5% year-on-year growth.
PSO held dominance in the OMC industry with a market share of 50.6% in the overall industry sales in April 2024.
The market share of APL, SHEL, and HASCOL stood at 8.94%, 7.36% and 2.45% respectively during the review period.
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