Oil sales plunge by 34% YoY to 1.01 MTs in September

October 02, 2023 (MLN): The sales of oil marketing companies (OMCs) plummeted by 34% YoY to clock in at 1.01 million tonnes (MTs) in September 2023 compared to 1.52 MTs in September 2022.

On a monthly basis, oil sales went down by 28% MoM compared to 1.41 MTs sales in August 2023.

Cumulatively in 1QFY24, sales stood at 3.77 MTs, while in 1QFY23 oil sales were reported at 4.49 MTs, depicting a decline of 16% YoY.

This significant decline in oil sales is primarily attributed to the surge in petroleum prices, macroeconomic conditions, and a decrease in FO-based power generation.

Similarly, the sale of Furnace Oil (FO), High-Speed Diesel (HSD), and Motor Spirit (MS) dropped by 72% YoY, 24% YoY, and 18% YoY to stand at 0.08 MTs, 0.52 MTs, and 0.63 MTs, respectively.

Similarly, on a monthly basis, the sales of FO, MS and HSD fell by 28%, 23% and 28% MoM respectively.

Company wise, PSO's sales reduced by 34% YoY due to a decline in MS, HSD, and FO sales by 13%, 24%, and 94% YoY, respectively.

Similarly, APL, SHEL and HASCOL also witnessed a decline in sales by 13%, 30% and 12%YoY, respectively.

In 1QFY24, PSO, APL and SHEL have witnessed a drop of 19%, 7% and 16% YoY respectively.

Conversely, HASCOL’s sales marked an increase of 35% YoY due to significant growth in sales of HSD and MS.

PSO’s market share declined by 2.8% YoY to 50.5% as compared to 53.3% in September 2022.

Similarly, market share of SHEL and APL improved by 0.68% and 2.67% YoY to 7.92% and 11.88% in September 2023.

Meanwhile, HASCOL's market share remained relatively stable to 1.98% in September 2023.

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