Oil sales fall 11.4% YoY to 1.2m MTs in July 2024

August 02, 2024 (MLN): The sales of oil marketing companies (OMCs) decreased by 11.4% YoY to 1.2 million Metric Tons (MTs) in July 2024 compared to 1.35m MTs in July 2023, data released by Oil Companies Advisory Council (OCAC) showed.

Similarly, on a month-on-month basis, oil sales fell 17.3% compared to the sale of 1.45m MTs in June 2024.

Product-wise, the sales of Motor Spirit (MS), High-Speed Diesel (HSD), and Furnace Oil (FO) decreased by 9.9%, 5.9%, and 46.3% YoY and stood at 0.59m, 0.46m, and 77,418 MTs.

The reduction in offtake comes on the back of a hike in the price of MS and HSD which resulted in lower consumption, brokerage house Arif Habib Limited (AHL) noted in a report.

AHL added that the decline was also due to the availability of smuggled petroleum products from Iran, and a fall in demand for FO-based power generation.

Company-Wise

According to company-wise data compiled by AHL, the sales of PSO plummeted by 19% YoY basis to 0.55m MTs.

PSO’s offtake of MS, HSD, and FO contracted by 22%, 22%, and 17% YoY, respectively.

Meanwhile, dispatches of SHEL, HASCOL, and APL witnessed a decline of 8%, 12%, and 23% YoY, respectively during the month.

During July, PSO lost market share of 4.6%, settling at 45.6% compared to 50.2% in July 2023.

Similarly, the market share of APL reduced by 1.2%, arriving at 8.5% YoY in July 2024.

Meanwhile, the market share of SHEL in July 24 arrived at 7.2% compared to 7.0% in the same month last year.

On the other hand, the market share of HASCOL remained unchanged at 3.2%.

Lastly, the market share of other OMCs climbed up by 5.6% to arrive at 35.4% in July 2024.

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