Oil sales surge 9% MoM to 1.37 MTs in November

December 04, 2023 (MLN): The sales of oil marketing companies (OMCs) rose by 9% MoM to clock in at 1.37 million tonnes (MTs) in November 2023 compared to 1.26 MTs in October 2023.

Conversely, on a year-on-year basis, oil sales went down by 11% YoY compared to 1.55 MTs sales in October 2022.

Cumulatively in 5MFY24, sales stood at 5.97 MTs, while in 5MFY23 oil sales were reported at 6.33 MTs, depicting a decline of 16% YoY.

This monthly rise in oil sales is primarily attributed to lower petrol and diesel prices and a low base of FO sales in the last month.

The average prices of petrol and diesel have decreased to Rs282.36 and Rs299.95 per litre, respectively.

During the month, the sale of Furnace Oil (FO) and High-Speed Diesel (HSD) surged by 54% and 16% MoM to stand at 82 MTs and 649 MTs, respectively.

Whereas the sale of Motor Spirit (MS) dropped by 2% MoM to 569 MTs, compared to the sale of 581 MTs in the last month.

However, on a year-on-year basis, the sales of FO, MS, and HSD plunged by 40%, 15%, and 3% YoY respectively.

Company-wise, PSO's sales were reduced by 12% YoY due to a decline in MS, HSD, and FO sales by 10%, 13%, and 43% YoY, respectively.

Similarly, APL and SHEL also witnessed a decline in sales by 9%, and 19% YoY, respectively.

On the other hand, HASCOL witnessed a year-on-year growth of 34% YoY to reach sales of 32 MTs.

When compared with the figures of October 2023, sales of PSO and SHEL increased by 14% and 3% MoM respectively.

While the topline of APL and HASCOL registered a fall of 2% and 21% MoM.

In 5MFY24, all OMCs experienced a notable decline in sales, except for HASCOL, which reported a 31% year-on-year increase, reaching 176 MTs.

PSO held dominance in the OMC industry with a market share of 52.08% in the overall industry sales in November 2023.

However, the oil giant's market share has declined compared to November 2022 when the company held a 52.43% share in overall sales.

The market share of APL, SHEL and HASCOL stood at 8.81%, 6.77% and 2.33% respectively during the review period.

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