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Oil sales rise 7% YoY to 1.39 MTs in May 2024

Oil sales rise 7% YoY to 1.39 MTs in May 2024
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June 04, 2024 (MLN): The sales of oil marketing companies (OMCs) increased by 7% YoY to a nine-month high of 1.39 million tonnes (MTs) in May 2024 compared to 1.30 MTs in May 2023, data released by Oil Companies Advisory Council (OCAC) showed.

Similarly, on a month-on-month basis, oil sales rose 26% MoM compared to 1.10 MTs sales in April 2024.

Cumulatively in the ongoing fiscal year (11MFY24), sales stood at 13.83 MTs, while in 11MFY23 oil sales were reported at 15,26 MTs, depicting a drop of 9% YoY.

Product-Wise

During the month, the sales of Motor Spirit (MS) and High-Speed Diesel (HSD) jumped by 1% and 18% YoY to stand at 0.61 MTs and 0.64 MTs, respectively.  

Meanwhile, the sale of Furnace Oil (FO) decreased by 24% YoY and stood at 0.07 MTs.

On a month-on-month basis, the sales of MS, HSD, and FO have increased by 14%, 37%, and 131% respectively.

Company-Wise

Attock Petroleum Limited (PSX: APL) witnessed the highest increase in its total oil sales which stood at 0.14 MTs, up 14 % YoY.

Shell Pakistan Limited (PSX: SHEL) was next in line, with its sales jumping by 13% YoY to 0.10 MTs.

Moreover, the sales of Pakistan State Oil (PSO) recorded a rise of 11% to 0.67 MTs.

On the other hand, the sales of Hascol Petroleum Limited (HACOL) dropped 39% YoY to 0.04 MTs.

When compared with the figures of the previous month, sales of PSO, APL, SHEL, and HASCOl increased by 19%, 42%, 23%, and 51% MoM respectively.

In 11MFY24, all OMCs experienced a decline in sales.

PSO held dominance in the OMC industry with a market share of 47.9% in the overall industry sales in May 2024.

The market share of APL and SHEL stood at 10.1% and 7.2% during the review period.

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Posted on: 2024-06-04T13:11:51+05:00