Oil sales rise 3% MoM to 1.15 MTs in March 2024

April 02, 2024 (MLN): The sales of oil marketing companies (OMCs) increased by 3% MoM to clock in at 1.15 million tonnes (MTs) in March 2024 compared to 1.12 MTs in February 2024.

Likewise, on a year-on-year basis, oil sales grew by 4% YoY compared to 1.11 MTs sales in March 2023.

Cumulatively in the ongoing fiscal year (9MFY24), sales stood at 11.34 MTs, while in 9MFY23 oil sales were reported at 12.80 MTs, depicting a drop of 11% YoY.

Product-Wise

During the month, the sales of High-Speed Diesel (HSD) and Motor Spirit (MS) improved by 4% and 5% MoM to stand at 462,741 tonnes and 572,725 tonnes, respectively.  

Meanwhile, the sale of Furnace Oil (FO) reduced by 11% MoM and stood at 44,339 tonnes.

On a year-on-year basis, the sales of MS and HSD have surged by 3% and 17%, respectively, while sales of FO plunged by 48%.

Company-Wise

Attock Petroleum Limited witnessed the highest drop in its sale of petroleum products which stood at 103,371 tonnes, down by 8% MoM.

Hascol Petroleum Limited (HACOL) was next in line with decreased sales, falling by 5% month-on-month to stand at 25,511 tonnes.

On the other hand, the sales of Pakistan State Oil (PSO) and Shell Pakistan Limited (SHEL) recorded a growth of 5% each respectively.

When compared with the figures of March 2023, sales of PSO, and SHEL increased by 11% and 6% YoY respectively.

While the topline of HASCOL and APL both dropped 41% and 9% YoY, respectively.

In 9MFY24, all OMCs experienced a notable decline in sales, except for HASCOL, which reported a 9% year-on-year growth.

PSO held dominance in the OMC industry with a market share of 51.3% in the overall industry sales in March 2024.

The market share of APL, SHEL, and HASCOL stood at 8.70%, 7.83% and 2.61% respectively during the review period.

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