Oil sales fall 13.5% in August

MG News | September 03, 2024 at 09:47 AM GMT+05:00

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September 03, 2024 (MLN): The sales of oil marketing companies (OMCs) decreased by 13.5% to 1.22 million Metric Tons (MTs) in August 2024 compared to 1.41m MTs in August 2023, data released by Oil Companies Advisory Council (OCAC) showed.

On the other hand, on a month-on-month basis, oil sales inched up by 1.6% compared to the sale of 1.2m MTs in July 2024.

Cumulatively in the ongoing fiscal year (2MFY25), sales stood at 2.41m MTs, down 12.5% against the sales of 2.76m MTs in the same period of last year.

Product-wise, during August, the sales of Motor Spirit (MS), High-Speed Diesel (HSD), and Furnace Oil (FO) decreased by 7%, 16.9%, and 45.3% from a year ago and stood at 0.62m, 0.46m, and 64,501 MTs.

Company-wise, Pakistan State Oil (PSX: PSO) witnessed the highest decrease in its total oil sales which stood at 0.53 MTs, down 27% compared to last year.

Attock Petroleum Limited (PSX: APL) was next in line, with its sales falling by 24% to 0.11 MTs.

Moreover, the sales of Shell Pakistan Limited (PSX: SHEL) recorded a decline of 6% to 0.09 MTs.

On the other hand, the sales of Hascol Petroleum Limited (HACOL) jumped 18% to 0.04 MTs.

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