Oil sales jump 20% in Sep

MG News | October 02, 2024 at 08:55 PM GMT+05:00

0:00

October 02, 2024 (MLN): The sales of oil marketing companies (OMCs) increased by 20.2% to 1.27 million Metric Tons (MTs) in September 2024 compared to 1.06m MTs in September 2023, data released by Oil Companies Advisory Council (OCAC) showed.

Similarly, on a month-on-month basis, oil sales rose 4.6% compared to the sale of 1.22m MTs in August 2024.

The increase is in part attributed to higher demand driven by a decline in prices for Motor Spirit (MS) and High-Speed Diesel (HSD).

Cumulatively in the ongoing fiscal year (3MFY25), sales stood at 3.68m MTs, down 3.4% against the sales of 3.81m MTs in the same period of last year.

Product-wise, the sales of Motor Spirit (MS), and High-Speed Diesel (HSD) jumped by 22.5%, and 25.5% YoY to stand at 0.63m, and 0.49m MTs in September, respectively.

Meanwhile, the sale of Furnace Oil (FO) decreased by 18.3% YoY and stood at 69,048 MTs.

On a month-on-month basis, the sales of MS, HSD, and FO have increased by 1.6%, 8.4%, and 7% respectively.

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