Oil sales rise 12% MoM to 1.38 MTs in January

February 02, 2024 (MLN): The sales of oil marketing companies (OMCs) increased by 12% MoM to clock in at 1.38 million tonnes (MTs) in January 2024 compared to 1.24 MTs in December 2023, according to data compiled by Arif Habib Limited.

Conversely, on a year-on-year basis, oil sales went down by 4% YoY compared to 1.44 MTs sales in January 2023.

Cumulatively in the ongoing fiscal year (7MFY24), sales stood at 9.07 MTs, while in 7MFY23 oil sales were reported at 10.47 MTs, depicting a decline of 13% YoY.

The rise in oil sales during January was primarily attributed to lower petrol and diesel prices.

Product-Wise

During the month, the sales of Furnace Oil (FO) and Motor Spirit (MS) rose by 2.32x and 8% MoM to stand at 180,000 tonnes and 610,000 tonnes, respectively.  

Whereas the sale of High-Speed Diesel (HSD) remained stable at 510,000 tonnes.

Meanwhile, on a year-on-year basis, the sales of  MS, and HSD dropped by 5% and 2% YoY respectively, while the sales for FO surged by 28% YoY.

Company-Wise

PSO's sales went up by 10% MoM due to a rise in MS and FO sales. 

On the other hand, the oil giant's sales for HSD inched down by 1% MoM.

SHEL and APL also witnessed a rise in sales by 8%, and 19% MoM, respectively.

On the other hand, HASCOL recorded a month-on-month drop of 6% to reach sales of 20,000 tonnes.

When compared with the figures of January 2023, sales of PSO, HASCOL and SHEL decreased by 7%, 11% and 15% YoY respectively.

While the topline of APL registered a rise of 9% YoY.

In 7MFY24, all OMCs experienced a notable decline in sales, except for HASCOL, which reported a 21% year-on-year increase.

PSO held dominance in the OMC industry with a market share of 47.83% in the overall industry sales in January 2024.

The market share of APL, SHEL and HASCOL stood at 10.87%, 7.25% and 1.45% respectively during the review period.

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