Oil sales rises by 25% MoM to 1.26 MTs in October

November 02, 2023 (MLN): The sales of oil marketing companies (OMCs) rose by 25% MoM to clock in at 1.26 million tonnes (MTs) in October 2023 compared to 1.01 MTs in the previous month.

On a yearly basis, oil sales went down by 24% YoY compared to 1.66 MTs sales in October 2022.

Cumulatively in 4MFY24, sales stood at 5.03 MTs, as compared to 4MFY23's oil sales of 6.15 MTs, depicting a decline of 18% YoY.

This rise on a monthly basis in oil sales is primarily attributed to the decline in petroleum and diesel prices.

Accordingly, the sales of Motor Spirit (MS) and High-Speed Diesel (HSD) rose by 12% and 42% MoM to 0.58 MTs and 0.56 MTs respectively.

While on a yearly basis, the sales of MS and HSD fell by 15% and 21% YoY as compared to 0.68 MTs, and 0.71 MTs sales in the same month of last year.

On the other hand, the sales of Furnace Oil (FO) declined by 37% MoM to 0.05 MTs, and by 74% YoY as against a sale of 0.20 MTs of FO in October 2022.

Company-wise, PSO, APL, SHEL, and HASCOL saw a rise of 23%, 1%, 12%, and 70% MoM respectively in their total sales for the month.

Meanwhile, when compared to the sales in October 2022, PSO, APL, and SHEL recorded a decline of 26%, 10%, and 29% YoY respectively.

On the flip side. HASCOL experienced a rise of 19% YoY in its sales.

On a cumulative basis, in 4MFY24, PSO, APL, and SHEL witnessed a drop of 21%, 8%, and 20% YoY respectively.

Conversely, HASCOL’s sales marked an increase of 30% YoY due to significant growth in sales of MS and HSD.

The market share of PSO, APL, SHEL, and HASCOL stood at 50%, 9.5%, 7.1%, and 3.2% respectively during the review month.

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