Oil sales plunge by 46% YoY in April

May 04, 2023 (MLN): The sales of oil marketing companies (OMCs) decreased by 46% YoY and 6% MoM to clock in at 1.17 million tonnes (MTs) in April 2023 compared to 2.18 MTs in April 2022.

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 83% YoY, 50% YoY, and 24% YoY to stand at 0.07 MTs, 0.46 MTs, and 0.58 MTs, respectively.

On a monthly basis, the sales of FO edged lower by 16% MoM, whereas the sale of HSD and MS inched up by 16% and 4% MoM respectively.

In 10MFY23, the oil sales reduced by 24% YoY to reach at 13.97 MTs compared to 18.44 MTs in 10MFY22.

PSO's sales reduced by 53% YoY due to a decline in the sales of MS, HSD, and FO by 22%, 52%, and 98% YoY, respectively.

Similarly, APL and SHEL also witnessed a decline in sales by 31% and 43% YoY, respectively. However, HASCOL's sales showed a significant increase of 4.08x YoY.

In 10MFY23, PSO’s market share declined by 0.2% to 50.5% as compared to 50.7% in the same period last year.

SHEL, on the other hand, maintained its market share at 7.7% YoY. Meanwhile, APL and HASCOL's market share increased to 9.4% and 2.1% respectively in 10MFY23.

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