Oil sales fall to lowest in almost two decades

MG News | July 02, 2024 at 11:34 AM GMT+05:00

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July 02, 2024 (MLN): The sales of oil marketing companies (OMCs) decreased by 8% YoY in fiscal year 2023-24 to 15.28 million Metric Tons (MTs) against the sales of 16.61m MTs in last year.

This was the lowest yearly sales since at least FY 2006.

In the month of June alone, oil sales increased by 7.6% YoY to 1.45m MTs compared to 1.34m MTs in June 2023, data released by Oil Companies Advisory Council (OCAC) showed.

Similarly, on a month-on-month basis, oil sales rose 4.1% compared to the sale of 1.39m MTs in May 2024.

Product-wise, the sales of Motor Spirit (MS), High-Speed Diesel (HSD), and Furnace Oil (FO) fell by 3.8%, 1.7%, and 49.2% YoY to stand at 7.14m MTs, 6.26m MTs, and 1.04m MTs, respectively.

in June alone, the sales of MS, HSD, and FO jumped by 9%, 4.6%, and 6.2% YoY to stand at 0.7m, 0.57m, and 0.11m MTs, respectively.

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