January 02, 2024 (MLN): The sales of oil marketing companies (OMCs) declined by 10% MoM to clock in at 1.24 million tonnes (MTs) in December 2023 compared to 1.37 MTs in November 2023, according to data compiled by Arif Habib Limited.

Similarly, on a year-on-year basis, oil sales went down by 7% YoY compared to 1.33 MTs sales in December 2022.

Cumulatively in the first half of FY24, sales stood at 7.68 MTs, while in 1HFY23 oil sales were reported at 9.03 MTs, depicting a decline of 15% YoY.

The decline in oil sales is primarily attributed to higher petrol and diesel prices.

To note, the average price of petrol stands at Rs289.3 per litre in 1HFY24, as compared to Rs229.36 per litre in 1HFY23.

Product-Wise

During the month, the sales of Furnace Oil (FO) and High-Speed Diesel (HSD) fell by 4% and 21% MoM to stand at 80 tonnes and 510 tonnes, respectively.

Whereas the sale of Motor Spirit (MS) remained stable at 570 tonnes.

Meanwhile, on a year-on-year basis, the sales of FO, MS, and HSD plunged by 36%, 8%, and 2% YoY respectively.

Company-Wise

PSO's sales fell by 17% MoM due to a decline in MS, HSD, and FO sales by 3%, 25%, and 87% MoM, respectively.

Similarly, SHEL and HASCOL also witnessed a decline in sales by 2%, and 16%MoM, respectively.

On the other hand, APL witnessed a month-on-month growth of 6% to reach sales of 13 tonnes.

When compared with the figures of December 2023, sales of PSO and SHEL decreased by 5% and 18% YoY respectively.

While the topline of APL and HASCOL registered a rise of 6% YoY each.

In 1HFY24, all OMCs experienced a notable decline in sales, except for HASCOL, which reported a 27% year-on-year increase, reaching around 200 tonnes.

PSO held dominance in the OMC industry with a market share of 48.4% in the overall industry sales in December 2023.

The market share of APL, SHEL and HASCOL stood at 10.5%, 7.3% and 2.4% respectively during the review period.

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Posted on: 2024-01-02T10:19:19+05:00